June home sales rise from May and from year ago

OTTAWA — Canadian home sales heated up in June to their best pace since March 2010 after a sluggish start to the year due to the frigid winter and late spring.

OTTAWA — Canadian home sales heated up in June to their best pace since March 2010 after a sluggish start to the year due to the frigid winter and late spring.

The Canadian Real Estate Association said Tuesday that sales through its Multiple Listings Service in June were up 0.8 per cent from May as sales were up in about half of the markets tracked last month with the Vancouver region and Montreal leading the way.

Compared with a year ago, sales were 11.2 per cent higher led by Vancouver, the Fraser Valley, Calgary, Toronto and Hamilton-Burlington.

The national average sale price was up 6.9 per cent from June 2013 at $413,215.

“At least some of the recent burst in new supply reflects the slow start to the year, when a harsh winter caused many sellers to delay listing their home in many parts of the country,” CREA chief economist Gregory Klump said in a statement.

“In markets with tight supply and strong demand, the strength of sales in recent months reflects how many properties were snapped up once they finally hit the market.

Because the impact of deferred listings and sales has likely run its course, activity over the second half of the year may not be able to maintain the kind of pace we’ve seen over the past couple of months.”

CREA said the national sales-to-new listings ratio was 53.6 per cent in June, up slightly from 53.2 per cent in May, but still within the range for a balanced market.

Bank of Montreal senior economist Robert Kavcic noted that sales through the first six months of the year were up 4.2 per cent compared with a year ago.

“Canada’s housing market continues to look balanced overall, with stark disparities persisting at the regional level,” Kavcic wrote in a note to clients.

“That said, it is a tad concerning that prices are running firmly ahead of income growth in a few major cities. Calgary is understandable and Vancouver is shaking off a mild correction, but Toronto might be getting too hot for its own good.”

The health of the Canadian housing market has been scrutinized and debated.

The majority of economists believe the market is headed for a soft landing after years of robust growth, however some have raised concerns about a steeper drop.

Just Posted

BREAKING: Red Deer to host Canadian Finals Rodeo in 2018

The CFR is expected to bring $20-30 million annually to Red Deer and region

Ways to prevent a kitchen fire

Fire prevention officer releases safety tips

The cost of flushing sanitary wipes is brought to Red Deer city council

More public education is needed about what not to flush down toilets

WATCH: Rebels play floor hockey with Annie L. Gaetz students

The Rebels may be on a losing streak but they were definitely… Continue reading

Ice dancers Virtue and Moir to carry flag at Pyeongchang Olympics

Not since Kurt Browning at the 1994 Lillehammer Games has a figure… Continue reading

Beer Canada calls on feds to axe increasing beer tax as consumption trends down

OTTAWA — A trade association for Canada’s beer industry wants the federal… Continue reading

Central Albertans recall Hawaii’s false missile alert

Former Red Deer councillor Paul Harris was hanging out at the Ka’anapali… Continue reading

This robotic maid takes us one step closer to ‘The Jetsons’

Imagine this: You’re rushing to get ready for work — juggling emails,… Continue reading

Milan line offers canine couture for pampered pooches

Milan has long been the world’s ready-to-wear fashion leader. Now, dogs are… Continue reading

Kim Kardashian West and husband Kanye welcome baby girl

NEW YORK — It’s a girl for Kim Kardashian West and her… Continue reading

Advocate poll takers oppose plastic bag ban

Red Deer Advocate readers like their plastic bags. In an Advocate poll,… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month