Home resales fall again in June

OTTAWA — Existing home sales dropped in June, the third monthly decline, according to new data from the Canadian Real Estate Association. The number of homes sold via Canadian MLS Systems fell 6.7% last month, the largest monthly decline since June 2010. Activity in June came in 14.1% below March and was down in 70% of all local markets, led mainly by the Greater Toronto Area. Monthly declines were also posted in all surrounding Greater Golden Horseshoe housing markets, the Lower Mainland of British Columbia, Kingston, Montreal, and Quebec City. Actual (not seasonally adjusted) activity was down 11.4% on a year-over-year basis, also driven largely by a significant drop in GTA sales activity.