The national real estate market's cooling continued with home sales falling again in June, but the Canadian Real Estate Association says the decreases are smaller than those seen in previous months.
The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.On a seasonally adjusted basis, sales were down almost six per cent from May.
"Sales activity continues to slow in the face of rising interest rates and uncertainty," said Jill Oudil, CREA's chair, in a news release. In typically heated markets like the Greater Toronto and Greater Vancouver Areas, they have noticed homes sitting for sale for far longer than they would have last year or at the start of the year, when the pace of sales was torrid.
Last month, CREA predicted the national average home price will rise by 10.8 per cent on an annual basis to $762,386 in 2022. It forecast the largest price gains for Maritime provinces, followed by Ontario and Quebec.
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