Property sales in Canada declined in June as the number of new homes listed for sale rose, according to the latest data from the Canadian Real Estate Association (CREA).
National resale housing activity edged lower on a month on basis in June 2012 while price gains remained strong in Toronto, accelerated in Calgary and continued slowing in Greater Vancouver.
Sales fell 1.3% on top of a 3.4% decline posted in May. National activity was down from the previous month in slightly more than half of all local markets, with Greater Toronto and Vancouver contributing most to the small decline.
Average sale prices in June were up year on year in about seven out of every 10 local markets, the national average price continued to be skewed downward by compositional factors, most notably by fewer sales in Vancouver in recent months compared to stronger levels last year.
- The year on year increase was highest in Greater Toronto at 7.9%, followed by Calgary at 5.6%, Greater Montreal at 2.7%, the Fraser Valley at 2.6% and Greater Vancouver at 1.7%.
- Two storey single family homes continued to post the strongest year on year growth in June, up 6.6%.
- Gains for one storey single family homes at 6% also surpassed the rise in the overall index.
- Townhouses and apartments saw more modest gains of 3.1% and 2.7% respectively.