CREA – Canadian Real Estate Association – National Statistics Canadian Housing Activity Perks Up in June

Let’s dive deeper into the Canadian Real Estate Association (CREA) news from July 12, 2024:

1. 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.
2. 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.
3. 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.
4. 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).

Remember that real estate markets can vary significantly by region, so local conditions play a crucial role. If you’re interested in specific cities or neighborhoods, contact me, Claude Jobin Ottawa REALTOR®. 🏡📊