Let’s dive deeper into the Canadian Real Estate Association (CREA) news from July 12, 2024:
- National Home Sales:
- Home sales increased by 3.7% month-over-month in June. This positive trend indicates a stronger demand for residential properties across Canada.
- Factors contributing to this growth may include favorable mortgage rates, economic recovery, and increased consumer confidence.
- New Listings:
- The number of newly listed properties rose by 1.5% compared to the previous month. This suggests that homeowners and sellers are actively putting their properties on the market.
- New listings are essential for maintaining a balanced real estate market, as they provide options for potential buyers.
- Home Price Index (HPI):
- The HPI, which tracks changes in home prices, showed a modest increase of 0.1% month-over-month in June.
- However, the year-over-year comparison reveals a decline of 3.4%. This decline may be influenced by various factors, including regional variations and market dynamics.
- Actual Activity:
- When considering actual (not seasonally adjusted) activity, June 2024 was 9.4% below the activity level recorded in June 2023.
- It’s essential to interpret this data cautiously, as year-over-year comparisons can be affected by exceptional circumstances (such as the pandemic’s impact on the 2023 market).
