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Canada's housing market continued to show gradual improvement in June, with home sales recording a slight monthly increase after a stronger recovery in the previous month. Home prices remained stable compared with May, while new property listings declined. The sales-to-new listings ratio crossed the 50% mark for the first time this year, indicating a better balance between demand and supply. The Canadian Real Estate Association (CREA) expects housing activity to strengthen further during the second half of the year, supported by improving market conditions.
Canada's housing market maintained its recovery in June, with home sales rising 0.5% from the previous month after recording a stronger increase in May, according to data released by the Canadian Real Estate Association (CREA).
On a year-on-year basis, home sales increased 0.9% on an unadjusted basis, indicating that market activity continued to improve gradually despite a slow start to the year.
The association's Home Price Index remained unchanged compared with the previous month. However, prices were still 3.6% lower than the same period last year, suggesting that while price declines have eased, values have yet to return to year-ago levels.
The supply of homes coming to the market softened during the month, with newly listed properties declining 1.3% compared with May. As a result, the national sales-to-new listings ratio increased to 50.2% in June from 49.3% in the previous month, moving above the 50% level for the first time this year. The ratio is widely tracked as an indicator of the balance between housing demand and new supply, with levels around 50% generally pointing to more balanced market conditions.
Commenting on the latest figures, CREA Senior Economist Shaun Cathcart said the housing market continued to gain momentum following its slow start earlier this year, with most key indicators showing improvement. He added that the association expects housing activity during the second half of the year to be considerably stronger than in the first half, reflecting a trend similar to that seen in 2024 and 2025.
The Canadian housing market had faced weaker activity during the opening months of the year due to economic uncertainty and cautious buyer sentiment. However, the improvement recorded in May and June suggests that buyers are gradually returning to the market as conditions stabilise, even though home prices have largely remained steady.
Source Reuters
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