Quiet month for Canadian real estate sales

For several weeks now residential real estate sales have been falling away from the near record numbers experienced in April falls have been recorded across most areas of real estate in Canada.

Calgary is one region thast has noticed a huge drop in buyer activity during last month. Sales of single family homes dropped by a massive 42 per cent and the condominium sector of the market saw sales figures dive by more than 40 per cent. June was the second month in a row to record a drop in year-on-year sales.

House prices continued to rise during the month and the average price of a single family home is now around $481,900, the average cost of a condo has risen to just over $292,000.

As the price of residential property in Canada continues to increase more and more homeowners are putting their property up for sale to test the water but as buyers are scarce at the moment an oversupply of property could see prices fall in the coming months as vendors struggle to find a buyer.