06:53 AM EDT, 07/05/2024 (MT Newswires) -- Those hoping for a post-Bank of Canada (BoC) rebound in Canadian housing are still disappointed, with June sales results

from the major cities proving to be another letdown, said Bank of Montreal (BMO).

Sales in Toronto were down 16% y/y, Vancouver was down 19% y/y and even Calgary was down 13% y/y, noted the bank. In Toronto and Vancouver, new listings were up meaningfully from a year ago (+12% and +7%).

More notably, active listings in the two largest cities are plentiful with those in Toronto up 67% y/y, and those in Vancouver now 20% above the 10-year average.

Even the Toronto Real Estate Board (TRREB) went so far as to say that "the GTA housing market is currently well-supplied."

This is consistent with BMO's view that early BoC easing won't have a big impact on housing given that a 25 bps cut to variable mortgage rates offers no real relief when buyers are already mostly operating in the (lower) three- and five-year fixed markets.

It will probably take further BoC easing and some further price declines in some segments to get the market moving again, according to the bank.