Home Sales Slow Down

Home sales fell 8.4 per cent month-over month in June 2021, marking the third straight monthly slowdown since activity hit a record back in March, says the Canadian Real Estate Association (CREA). "While there is still a lot of activity in many housing markets across Canada, things have noticeably calmed down in the last few months," says Cliff Stevenson, chair of CREA. "There remains a shortage of supply in many parts of the country, but at least there isn't the same level of competition among buyers we were seeing a few months ago.” The number of newly-listed homes edged back 0.7 per cent in June. "It feels like maybe the theme of this summer is 'slowly getting back to normal,' in our own lives and for many housing markets across Canada as well," says Shaun Cathcart, senior economist at CREA. "That said, it's a long road to get back to normal and for many housing markets the main issue is that supply shortages are as acute as ever.”