Canada's existing housing markets throttled back further in June. Sales and listings both dropped in many areas, and price growth began to ease. Falling sales may reflect some buyers’ decision to wait for markets to settle while enjoying society's reopening from COVID-19—although falling listings also limit consumer choice. Low interest rates continue to be supportive.
Sales fell in 22 of our 30 areas in June, including 17 places where losses exceeded 5 per cent. This represents ongoing softness: Sales have fallen on a three-month average basis in 29 of 30 markets. This erosion left transactions above their year-earlier levels in 21 of our 30 markets in June; all 30 areas had showed such gains in May.