Canada Housing Research Brief

June marks second consecutive month of positive housing data. Canada’s housing market recovery that began in late 2024 was curbed in the early parts of this year amid tariff threats and the corresponding impacts on labour markets and household finances. Nevertheless, with a clearer trade picture in May, the nation’s housing market began gaining momentum. National home sales – while still below the long-term average – rose 2.8 per cent monthly in June, building on the 3.5 per cent gain recorded in May. This uptick in sales also helped to stabilize the median price of a single-family home, which only saw a 0.1 per cent month-over-month drop. Meanwhile, newly listed properties fell 2.9 per cent monthly, as potential sellers may be waiting for buyer confidence to return. This helped push the salesto-new listings ratio up to 50.1 per cent, which is consistent with a balanced housing market. June was therefore another month that suggested the anticipated rebound in Canada’s housing market may have only been delayed. That said, the latest 35 per cent tariff threat underscores the widespread uncertainty Canada continues to face.