5 July 2019

The average cost of a condo was up by 5.2% on a year-over-year basis to $590,274 last month.

Meanwhile, although May reported the first increase in 2019 for detached houses, June saw a 1.4% prices decline to $1,018,987.

In June, Mercer said that detached home sector would face a longer way to mid-single-digit price growth, which condos are already showing. As the demand for detached houses is lower, there’s a benefit for those who want to purchase one. “You can see a much wider choice in the detached market,” – Mercer noted.

However, last month, Canada’s economy lost 2,200 jobs, and the jobless rate reached 5.5%, as more people were looking for a job, Statistics Canada reported. Economists predicted creating about 10,000 jobs.

In spite of fewer jobs, those who still had it, could see a slight increase of their wages in June. “Wage growth for permanent employees was up by 3.6% annually, following a 2.6% gain seen during the previous two months”, – Toronto-Dominion Bank economist Fotios Raptis said.