07:23 AM EDT, 07/04/2024 (MT Newswires) -- Since it is the start of the month, the usual home sales reports in Canada are trickling in, said Bank of Montreal (BMO).

The bank noted some of the results: Vancouver home sales fell 19% y/y in June, as market activity remained subdued in the wake of the Bank of Canada's (BoC) first rate cut of the cycle. Supply continues to build with new listings rising 7% y/y, leaving total listings 20% above the 10-year average. Prices remain stagnant with the Vancouver benchmark price down 0.4% from a year ago.

Calgary home sales were down 12.8% y/y, while new listings dipped 3.6% y/y; yet, average prices still rose 12.8% y/y but they are the true outlier. Sales in Windsor were down 17.4% y/y, new listings were up 4.1%, and average prices fell 1.7% y/y. Hamilton saw weak sales, a 2% y/y drop in prices, and a 54% y/y jump in inventories.

Toronto home sales rose 4.2% in June after four straight months of declines.