Monthly Housing Market Update
Rate Cut Boosts Canada’s Housing Market
June home resales in Canada picked up 3.7% from May but remain within the range they’ve been since spring 2023 and are still 9% below pre-pandemic levels.
The modest bump was widespread, with rising inventories providing more purchasing options—new listings increased for the fifth time in the past six months.
The rebalancing of supply and demand from previously tight conditions is stabilizing prices.
However, rates need to come down significantly to make a meaningful dent in ownership costs, especially in Canada’s most expensive markets.
June home resales in Canada picked up 3.7% from May but remain within the range they’ve been since spring 2023 and are still 9% below pre-pandemic levels.
The modest bump was widespread, with rising inventories providing more purchasing options—new listings increased for the fifth time in the past six months.
The rebalancing of supply and demand from previously tight conditions is stabilizing prices.
However, rates need to come down significantly to make a meaningful dent in ownership costs, especially in Canada’s most expensive markets.
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415
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