Go to Main Content

Advertisement

By MoneySense Staff on July 15, 2010
Estimated reading time: 1 minute

Decline in home sales

By MoneySense Staff on July 15, 2010
Estimated reading time: 1 minute

National home sales activity declined 8.2% in June from the previous month.

This article is 11 years old. Some details may be outdated.

Advertisement

National home sales activity declined 8.2% in June from the previous month, according to statistics released earlier this morning by the Canadian Real Estate Association. This figure takes into account seasonal differences in the real estate industry, the CREA says. Nearly 70% of local markets experienced a decline in sales. Toronto and Calgary were most affected. “National home sales activity is easing due to fewer and more cautious first-time home buyers,” says CREA economist Gregory Klump. “With interest rates on the rise, housing affordability and home sales activity are expected to continue to erode over the second half of 2010,” he says. Still, Klump says the recovering economy and job market will provide support for housing activity and prices. The number of newly listed homes in June 2010 declined by 6.8% from the previous month, following a monthly decline of 4.8% in May. The CREA says the declining trend in new listings will help maintain the balance between supply and demand, and temper home price volatility. The average price of a Canadian home sold rose 4.9% on a year-over-year basis in June to $342,662, reports the CREA.

Comments Cancel reply

Related Articles

Muskoka chairs sit on a dock looking over Boshkung Lake, in Algonquin Highlands, Ont., Monday, Oct. 5, 2020.

Co-ownership is making Canadians’ cottage dreams more affordable

Want to buy a cottage but you’re priced out of the market? Co-ownership could be the answer. Here’s what...

Co-ownership is making Canadians’ cottage dreams more affordable

Crypto shows off its newfound political might

Largest U.S./Canadian crypto exchange adds top Democratic strategist, continuing to broaden political reach.

Crypto shows off its newfound political might

People attend a job and continuing education fair in Montreal on Thursday, Oct. 5, 2023.

Ottawa to expand the Canada Summer Jobs program for youth

Government to offer more subsidies to employers as one in five students struggles to find summer employment.

Ottawa to expand the Canada Summer Jobs program for youth

A Canadian woman banking on her laptop at home.

Is Wealthsimple a bank? Not exactly, but it’s launching new “banking” services

Wealthsimple is flexing against Canada’s big banks. Here’s how it plans to get your business.

Is Wealthsimple a bank? Not exactly, but it’s launching new “banking” services

A worker on a ladder works on the exterior of a new home under construction.

Here’s how much a GST break could save first-time home buyers

First-time home buyers in Canada could save hundreds on monthly mortgage costs through the federal government’s plan to waive...

Here’s how much a GST break could save first-time home buyers

Canadian couple in their first home happy the BoC held its rate.

Making sense of the Bank of Canada interest rate decision on June 4, 2025

Making sense of the Bank of Canada interest rate decision on June 4, 2025

The Bank of Canada in Ottawa

BoC held its rate on June 4—here’s why

The Bank of Canada held its key rate at 2.75%, citing high uncertainty, tariffs and more.

BoC held its rate on June 4—here’s why

Smiling female CEO wearing glasses talking with company subordinates, discussing business strategies. Colleagues negotiating in positive atmosphere, working at laptops. Cooperation, leadership concept

How to negotiate a job offer to get better benefits

Yes, workplace benefits are negotiable in Canada. Here’s how to get creative and ask for perks that fit your...

How to negotiate a job offer to get better benefits

A woman reads messages on her tablet

Fraud and Scams

Relationship fraud and romance scams: What Canadians need to know

Relationship fraud and romance scams: What Canadians need to know

A person is seen holidng a Nvidia computer chip

What’s behind the Nvidia rally?

Nvidia rallies as the rest of Wall Street drifts after a U.S. court blocks many of Trump’s tariffs.

What’s behind the Nvidia rally?