Canadian Home Sales Rise Above in June!
According to statistics released by The Canadian Real Estate Association, national home sales rose 3.3% from May to June 2013. This marks the fourth consecutive monthly increase, with activity now up 11% from February.
For the second month in a row home sales improved in two-thirds of all local markets. Actual activity came in 0.6% below levels reported in June 2012. Approximately 240,068 homes have traded hands across the country so far this year. That is 6.9% below levels in the first half of 2012, when mortgage rules and guidelines had not yet been tightened. While the gap between sales this year and last year is expected to diminish, annual sales are still expected to fall short of last year’s total.
With sales activity up and new listings down, the national sales-to-new listings ratio rose to 53.8% in June from 51.8% in May, but remains in a balanced market territory where it has been since early 2010. Based on a sales-to-new listings ratio of between 40 to 60 per cent, two-thirds of all local markets were in balanced market territory in June.
For more information, visit http://crea.ca/canadian-home-sales-improve-june