Canada Housing Research Brief

Housing market trends up once again. In June, Canada’s housing market continued its recovery, with the average price of a single-family home increasing for the fourth consecutive month — up 2.1 per cent when compared to May. While the average price is still down 4.5 per cent year-over-year, Canada’s housing market has seen robust gains since the February 2023 trough, as the average price rose 7.3 per cent. This momentum can largely be attributed to the Bank of Canada’s conditional interest rate pause witnessed in the early parts of 2023, along with limited housing supply across the nation. Housing construction continues to lag historic population growth, and the number of newly-listed properties remains below the country’s long-term average. As a result, the sales-to-new listings ratio once again indicated a sellers market, sitting at 64 per cent. Gains were broad-based with all of Canada’s major metros seeing a monthly rise in the average sale price.