According to BMO senior economist Robert Kavcic, the latest data from the Canadian Real Estate Association show that the Canadian housing market remains balanced and well-behaved. Existing home sales rose for the fourth month in a row in June, posting a 3.3 percent seasonally adjusted gain from the prior month and down just 0.6 percent from the readings of a year ago.
“These figures represent another body blow to the Canadian housing bears,” said Mr. Kavcic. “The June report leaves the second-quarter tally at an impressive 6.4 percent above the previous quarter – the strongest performance since 2010. In fact, sales are now back to levels seen before the latest round of mortgage rule tightening took effect in early July, helped by very low mortgage rates through much of the spring.”
Regionally, most markets have tightened up in recent months, including an impressive turnabout in Vancouver: sales are now 52 percent of new listings, up from a low of 36.6 percent late last year. Toronto is firmly balanced, while Calgary is again seeing a sellers’ market.