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Home Sales Break 1H23 Bounce Whilst Limited Supply Helps Prices

CANADA DATA
  • Existing home sales fell -0.7% M/M in July (no Bloomberg consensus) after bouncing strongly with a cumulative 21.5% increase over five months helped by a particularly strong +12% in April for back near pre-pandemic levels.
  • Prices increased strongly again, +1.1% M/M after three months of almost 2% M/M, with the cumulative 7% increase reducing the gap to the Feb’22 peak to -10% for still almost 40% higher than pre-pandemic.
  • Recent house price increases have been supported the existing home sale market remaining tight with just 3.2 months of supply compared to the 2017-19 average for July of 5.1 months.

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