Real Estate Market Summary for LSTAR as of June 2021

  • Another Record of the month; the highest number of home sales recorded of June since 1978 in LSTAR. But the Sales activity has been moderating two month in a raw.
  • The average sales price across the LSTAR region in June was $641,072, an increase of more than 35% compared to June 2020. But it remains almost the same with the previous month, $636,053.

Real Estate Market Summary for CREA as of May 2021

  • Home sales recorded over Canadian MLS® Systems fell by 7.4% month-over month in May 2021, building on the 11% decline recorded in April.
  • The number of newly listed homes declined by 6.4% in May compared to April.
  • The actual (not seasonally adjusted) national average home price was a little over $688,000 in May 2021, up 38.4% from the same month last year. But it has been moderating two months in a raw.

Analysis

  • The housing market across Canada has been very active even in COVID circumstances. But it now has two months of moderating activity in demand, supply and prices.
  • Long pandemic situation has made people think more about housing. But too many offer competition had buyers feel fatigue and frustration.
  • “With the synchronous cooling off of demand, supply and prices in recent months, one could draw comparisons to last year’s initial lockdowns, but this year feels different. Of course, the main difference this year is that the slowdown in the market was coincident not just with record COVID cases and fresh lockdowns but with the take up in the vaccination rate, so maybe we all finally have something else to think about other than housing and being stuck at home all the time. ” ~ Shaun Cathcart, CREA’s Senior Economist