JUNE 2023 CREA Statistics and Quarterly Forecast

June 2023 CREA statistics and Quarterly forecast
 

Canadian Home Sales Showing Signs of Stabilization in June
Statistics released by the Canadian Real Estate Association (CREA) show national home sales edged up slightly on a month-over-month basis in June 2023.

Highlights:

• National home sales edged up 1.5% month-over-month in June.
• Actual (not seasonally adjusted) monthly activity came in 4.7% above June 2022.
• The number of newly listed properties rose 5.9% month-over-month.
• The MLS^® Home Price Index (HPI) climbed 2% month-over-month but was still down 4.5% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 6.7% year-over-year increase in June.

Home sales recorded over Canadian MLS^® Systems posted a 1.5% increase between May and June 2023, smaller increase than in April and May.  

Access the June 2023 stats PDF.


CREA Downgrades Resale Housing Market Forecast
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity and average home prices via Multiple Listing Service^® (MLS^®) Systems of Canadian real estate boards and associations for 2023 and 2024.

As expected, national home sales came flying out of the gates in April 2023. Buyers who had been sitting on the fence responded to the twin signals of interest rates looking like they were at a top and property values hitting bottom.

With the Bank of Canada unexpectedly ending its pause on rate hikes in June and hiking again in July, a major source of uncertainty has returned to the housing market.

Access the July 2023 forecast PDF.