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(Bloomberg) — Canadian home sales edged up for the third consecutive month in June, while the Canadian Real Estate Association lowered its forecast for 2026 to account for the weak first half of the year.
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The number of transactions nationally rose 0.5% from May, building on the increases in the previous two months, according to data released Wednesday by CREA. The market tightened with a 1.3% decline in new listings.
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The association now expects a 1.4% decline in sales this year compared with 2025, a downgrade from the modest gain it anticipated in its April forecast. It said that reflects a weak start to the year, including the effect of a late-March rise in fixed mortgage rates tied to inflation concerns, and negative population growth in some parts of the country.
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Still, CREA said the past three months of sales gains suggest a recovery is beginning to take hold. June was the first month this year that the national sales-to-new-listings ratio was above above the 50% mark, climbing to to 50.2% from 49.3% in May.
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“Looking ahead, fixed mortgage rates have eased from their peak in April, and rate hikes from the Bank of Canada this year are much less likely than they were just a month ago. This is good news for borrowers,” Shaun Cathcart, the association’s senior economist, said in a statement.
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The association said buyer activity may pause through the summer months, but it expects a busier fall market.
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The seasonally adjusted benchmark price of a home in the country was unchanged from May to June at C$657,700 ($467,490). It was the first time the measure has not declined on a month-over-month basis since January 2025, but it remained down 3.4% compared with this time last year.
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