CREA reports June home sales down 10.7% from year ago, but up from May
TORONTO — Canadian housing activity appears to be climbing out of its slump, but is still far from a rebound.
The Canadian Real Estate Association (CREA) said Monday sales in June were up 4.1 per cent compared with May, marking what the board described as the first “substantiative” month-over-month increase this year.
However, the June sales were down 10.7 per cent compared with a year ago, a five-year low for the month.
“The national increase in June home sales suggests activity may indeed be starting to turn the corner,” said Gregory Klump, CREA’s chief economist, in an email. “Even so, the number of homes trading hands has a long way to go before it returns to levels posted in recent years.”