Prices remain high, while supply—and income—stay low
However, the weakness isn't broad-based
Construction was down 0.9%, and applications for building permits fell 6.1%
Sales were up 0.3% year over year, according to CREA
Sales were also up in Toronto, but down in Vancouver and Calgary
Composite benchmark price down 9.6% year over year
The housing market is stabilizing, says the Teranet–National Bank House Price Index
Fitch Ratings also approves of Canadian banks’ new capital buffer requirements
Ontario saw a 41% dip in starts compared to April
However, sales activity remains below the longer-term norm