Gurdish Thind

Summary Home sales increased by 2.8% from May to June at the national level, a third advance following four monthly contractions. On the supply side, new listings decreased by 2.9% from May to June. Active listings remained on their upward trend for a sixth month in a row, increasing by 0.6% in June despite still elevated cancelled listings. Overall, the number of months of inventory (active listings-to-sales) edged down for the second month in a row from 4.8 in May to 4.7 in June. Market conditions tightened marginally during the month but remained balanced compared to the historical average. The balanced market conditions at the national level largely reflect particularly soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers. Housing starts remained roughly stable for a second month in a row (+1.0K) in June at 283.7K (seasonally adjusted and annualized), a print well above the median economist forecast calling for 262.5K units. Starts in both urban (+0.8K to 261.7K) and rural (+0.3K to 22.0K) areas were roughly flat during the month. In urban centres, both starts in the multi-unit (+0.4K to 219.0K) and single-detached segments (+0.3K to 42.7K) were flat as well. The TeranetNational Bank Composite National House Price Index declined by 0.5% from May to June after seasonal adjustment. Six of the 11 CMAs included in the index saw declines: Ottawa-Gatineau (-1.2%), Calgary (-1.0%), Hamilton (-0.9%), Toronto (-0.8%), Vancouver (-0.8%), and Victoria (-0.5%). In contrast, prices rose in Halifax (+2.0%), Winnipeg (+1.6%), Edmonton (+1.6%), Quebec City (+0.5%), and Montreal (+0.3%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf