Canadian Home Sales Steady in June

Canada's housing market continues to show considerable resilience, supported by historically low borrowing costs, moderate job and income gains and favourable homebuying demographics. National home sales over the first half of 2015 are tracking 6% above last year's pace. If maintained through the second half of the year, this would mark the second highest annual sales level after 2007, says Scotiabank. 

Softer employment conditions and weaker underlying demographics continue to temper housing activity in Quebec and Atlantic Canada. 

The combination of early-year mortgage rates declines and pent-up demand following adverse winter weather in much of the country has underpinned stronger-than-expected home sales this year. 

According to Soctiabank, "June may mark the return of a more steady sales trend as Canadian growth has moderated. However, the persistence of exceptionally low borrowing costs will likely maintain solid sales momentum in the coming months."