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Canadian home searches for US listings fall 15.3% in June
Redfin said the drop followed a 10.1% decline in May, and that searches fell in 45 of 50 major US metros, led by San Antonio.
Canadian demand for US housing listings, as measured by Redfin.com searches from Canada, fell 15.3% year over year in June, according to a Redfin analysis of unique Canada-based users searching for homes to buy or rent.
Redfin said the decline in June followed a 10.1% drop in May, and that over the last two years Canadian searches for US homes are down about 37%. The company described search activity as an early signal of housing demand, noting that searches do not necessarily translate into completed purchases.
Redfin reported that Canada-based home searches declined in 45 of the 50 most populous US metros. The biggest year-over-year decrease was in San Antonio, where searches fell 51.8%, followed by Austin at -48.6% and Houston at -32.5%.
Redfin also said searches increased in five metros, led by Kansas City, where Canada-origin searches rose 17.6% year over year, along with gains in New Brunswick, New Jersey at 11.6% and Nashville at 9.4%. In commentary on the trend, Redfin’s Chen Zhao said uncertainty around trade, jobs, the domestic housing market, and inflation is making some Canadians pause before making a large financial commitment.