Home sales recorded over Canadian MLS® Systems in June 2020 rebounded by a further 63%, returning them to normal levels for the month – some 150% above where they were in April.
Transactions were once again up on a m-o-m basis across the country. Among Canada’s largest markets, sales rose 83.8% in the Greater Toronto Area (GTA), 75.1% in Montreal, 60.3% in Greater Vancouver, 99.7% in the Fraser Valley, 54.9% in Calgary, 59% in Edmonton, 22.5% in Winnipeg, 34.8% in Hamilton-Burlington, 67.9% in London and St. Thomas, 55.6% in Ottawa and 43.6% in Quebec City.
Actual (not seasonally adjusted) sales activity posted a 15.2% y-o-y gain in June.
“REALTORS® across Canada are increasingly seeing business pick back up,” stated Costa Poulopoulos, Chair of CREA. "With sellers and buyers returning to the market, we continue to make sure clients stay safe by complying with government and health officials’ directives and advice, increasingly using technology to list and show properties virtually while providing secure methods to complete required forms and contracts. As always, but maybe now more than ever, REALTORS® remain the best source for information and guidance when negotiating the sale or purchase of a home,” continued Poulopoulos.
“While June’s housing numbers were mostly back at normal levels, we are obviously not back to normal at this point,” said Shaun Cathcart, CREA’s Senior Economist. “I guess the bigger picture is one of cautious optimism. The market has recovered much faster than many would have thought, but what happens later this year remains a big question mark. That said, daily tracking suggests that July, at least, will be even stronger.”
The number of newly listed homes climbed by another 49.5% in June compared to May. As with sales activity, gains were recorded across the country.
The national sales-to-new listings ratio tightened to 63.7% in June compared to 58.5% posted in May. The number of months of inventory is another important measure of the balance between sales and the supply of listings. It represents how long it would take to liquidate current inventories at the current rate of sales activity.
There were only 3.6 months of inventory on a national basis at the end of June 2020 – a 16-year low for this measure.
The Aggregate Composite MLS® Home Price Index (MLS® HPI) climbed 0.5% in June 2020 compared to May.