The (CREA) released its June report today, showing yet another rise in inventory and a nearly flat month-over-month benchmark of $717,700. The 0.1 per cent price increase was the first rise in 11 months, though still 3.
4 per cent below last year’s levels. As of the end of June, there were approximately 180,000 properties listed for sale on the Canadian multiple listings service, reflecting a 26 per cent increase from a year earlier. Despite this rise, the current number of listings remains below the historical average of around 200,000 for this time of year.
On a seasonally adjusted basis, the end-of-June supply number increased modestly by 0.5 per cent from the end of May, indicating a potential slowdown in the national inventory buildup. The number of new listings was up 1.
5 per cent month-over-month in June, driven largely by the and British Columbia’s Lower Mainland. However, the national increase in new listings was less than the for the month, resulting in a tightening of the national sales-to-new listings ratio to 53.9 per cent in June from 52.
8 per cent in May. This ratio remains close to the long-term average of 55 per cent, suggesting balanced market conditions as a sales-to-new listings ratio between 45 per cent and 65 per cent is typically consistent with a balanced housing market. James Mabey, chair of CREA, highlighted the varied experiences for buyers across different regions in Canada.
“The second half of 2024 is widely expected to see the beginnings of .