- Volume of sales -5.6% m/m in June
- Sales down 23.9% from June 2021 (was a record)
- Newly-listed properties +4.1% m/m
- Home price index -1.9% m/m and up 14.9% y/y
- Not seasonally adjusted national average sale price posted a 1.8% year-over-year decline in June
What kind of seasonal adjustments are going on here? Prices down 1.8% y/y adjusted but up 14.9% with adjustments? That's quite a swing.
“Sales activity continues to slow in the face of rising interest rates and uncertainty,” said Jill Oudil, Chair of CREA. “The cost of borrowing has overtaken supply as the dominant factor affecting housing markets at the moment, but the supply issue has not gone away. While some people may choose to wait on the sidelines as the dust settles in the wake of recent rate hikes, others will still engage in the market in these challenging times."
The Bank of Canada's 100 basis point hike this week isn't going to help things. This quote is from exactly two years ago.
