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Special Report

Canada Housing Research Brief

June 2024

Sales Activity Edges Back as Market
Participants Await Central Bank’s Decision

Housing market remained quiet in May. National home sales decreased by 0.6 per cent month-over-month in May, while new listings ticked up by 0.5 per cent. This contributed to a slight monthly drop in the average sale price of a single-family home. Many potential buyers stayed on the sidelines in anticipation of lower interest rates, while a rising number of sellers entered the market, hoping for renewed demand with speculation surrounding rate cuts. Consequently, the sales-to-new-listings ratio fell to 52.8, maintaining a balanced market that has become more favourable to buyers. On an annual basis, the average sale price of single-family homes fell by 2.2 per cent, driven by a decline in Ontario. This indicates that sales activity in regions with the greatest affordability challenges continued to be disproportionately impacted by elevated interest rates.

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