Toronto home sales are leading the way in Canada.
More than 60 per cent of all local housing markets reported increased sales activity in June compared to May, led by the Greater Toronto Area.
Transactions climbed 4.1 per cent from May — which had hit a five-year low. While a 17-per-cent surge in Toronto signals the housing market may be strengthening again.
After the government had tightened mortgage rules for new borrowers and the Bank of Canada raised borrowing costs, home sales had dropped through most of 2018.
“The national increase in June home sales suggests activity may indeed be starting to turn the corner,” Gregory Klump, CREA’s chief economist, said in the report.
“Looking ahead, home sales activity and price gains will likely be held in check by higher interest rates.”
Highlights from CREA’s national statistics report:
- National home sales rose 4.1 per cent from May to June.
- Actual (not seasonally adjusted) activity was down 10.7 per cent from June 2017.
- The number of newly listed homes eased 1.8% from May to June.
- The MLS® Home Price Index in June was up 0.9 per cent year-over-year.
- The national average sale price edged down 1.3 per cent year-over-year in June.