Canada June existing home sales
- Prior was +56.9% (-56.8% in April)
- Home price index +5.4% y/y
- Activity from a year earlier +15.2%
- Full report
The Canadian housing market has bounced right back and I don't see any signs (yet) that it's going to roll over. Cheap rates and a shortage of supply continue to beat back affordability fears.
Here's an interesting comment from the release:
"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."
