Canada’s housing recovery hits a bumpy patch in June
Vancouver and Calgary chart different paths to recovery
Vancouver’s home resales rose more than 3% month over month in June, RBC estimated, building on a 6.6% May advance. However, the benchmark price still fell 6% year over year, with detached homes and condos both down more than 7%.
That softness echoes CMP’s coverage of Metro Vancouver’s cooling condo market in May, where Greater Vancouver Realtors economist Andrew Lis described a market tracking closely to forecast, with “no obvious near-term catalysts” to shift conditions in either direction.
Calgary told a steadier story. New listings there fell 8% from May, tightening the market and helping slow price declines to 2.1% year over year, down from 3.2% in January, according to RBC.
Condos remained the weak spot, with transactions and benchmark prices down 20% and 9%, respectively, over the past year.
Montreal, meanwhile, saw resales ease nearly 4% from May as ownership costs tested affordability, though single-family prices still climbed 3.5% annually.
