The country's real estate inventory and availability has improved over the past couple months, alleviating some pressure on house prices.
In June, home sales dropped much quicker than new listings. Seasonally adjusted existing home sales reached 50,810 last month, a 8.4 per cent drop from May. There were 86,632 new listings and down 0.7 per cent, during the same time frame. Fewer sales are leading the charge in this situation.
Buyers have been pulling out of the market much quicker than sellers, as active home sales fell at a level which was 12 x more significant than new listings last month. In regards to units, sales dropped 9 x compared to new inventory.
The Greater Toronto region experienced a similar fate, just not as intense. Seasonally adjusted existing home sales reached 8,885 last month, a 9.1 per cent drop the month of May. There were 13,909 new listings, which represented a 2.5 per cent drop over the same duration.
Existing home sales dropped much quicker than new listings - sales in the GTA fell at a level which was 3.6 x more significant than new listings. As for units, sales fell at a level that was 2.5 x quicker than newly listed homes.
The Greater Vancouver market was susceptible to national trends also. Seasonally adjusted sales dropped to 3,290 units last month, a 11.5 per cent drop from May. New listings dropped to 5,459, a 6 per cent fall over the same time frame.
Existing home sales dropped at almost twice the rate to which new inventory did. Sales fell at a level which was 1.9 x more significant than new inventory. Sales dropped by 1.23 x the rate to which new listings fell. Similar to Toronto, Vancouver's market was in a more balanced state compared to the national level.