June Market Snapshot: Canadian Real Estate Market Slowly Getting Back to Normal
Monday Jul 26th, 2021Share
The Canadian housing market is slowly getting back to normal, as national home sales and new listings fell again this month following historic volumes earlier this year.
While home sales were down 8.4% in June 2021 on a month-over-month basis, home sales were up 13.6% on a year-over-year basis. Demand continues to exceed supply, which is keeping prices up—25.9% from this time last year.
Still a seller’s market
While the frenzy created by the COVID-19 pandemic is dissipating, key components of a seller’s market are still in place, as they were heading into the spring of 2020.
While home prices and sales are beginning to show signs of slowing month-over-month, the supply shortages have not moved back towards normal levels. The issue of supply shortages remains as acute as ever.
As a federal election looms, housing policy will once again feature prominently in party platforms. Housing is always a key election issue, so the focus this time will be on getting more housing built to try to help that supply shortage and bring the market back to a sustainable level.
Watch CREA’s Director and Senior Economist break down June’s numbers.
As always, we will keep you posted on the pulse of the market. Check back next month to see July’s snapshot with the most up-to-date insights.
Remember, contact a REALTOR® for detailed information about your neighbourhood and its price trends.