The 835 residential property sales in June was a continued decline compared to May and the same time last year in the Cornerstone Association of Realtors (CAR)’s jurisdiction, the association reports. This is reflected in all property types and all areas of the region (Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas).
“Higher interest rates and rising cost of living have impacted the housing market. Despite a recent rate reduction by the Bank of Canada, mortgage rates remain high, and potential buyers are likely waiting for further cuts or a shift in market conditions. Rising supply levels have reduced the sense of urgency experienced during the periods of low inventory, taking the pressure off home prices,” says CAR spokesperson, Nicolas von Bredow.
New listings and inventory gains
The month’s new listings reached 2,048 units, an increase from last year and high enough to add to available inventory, which was higher than May and 54 per cent more than last year’s levels.
Months of supply reached almost four months, thanks to inventory gains relative to sales. This higher supply relieved prices somewhat in June, with the unadjusted benchmark price at $849,900, a year-over-year decline of over two per cent.
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