Canadian house prices and home sales hit a record high in March, but have been declining every month since then
The average price of a house in Canada in June was US$679,000, a 25% increase from last year. Although sales have also risen sharply, both of these figures last month were lower than the previous month.
The Canadian Real Estate Association stated in a press release on Thursday that after setting a record high in March 2021, home sales have now fallen for three consecutive months.
In June, more than 50,000 Canadian houses changed hands. The average selling price was US$679,000, down from US$688,000 in May, US$696,000 in April and US$716,000 in March.
On a monthly basis, home sales fell by 12% in April, 7% in May, and then by 8% in June. But it is still 13% higher than the same period last year.
CREA Chairman Cliff Stevenson said: “Although there is still a lot of activity in many real estate markets in Canada, the situation has clearly calmed down in the past few months.” “There is still a shortage of supply in many areas of the country, but at least we had a few months ago. I have seen different levels of competition among buyers.”
The markets of Ontario and British Columbia are among the most popular markets in the country, with annual growth rates in both provinces exceeding 30%. Interestingly, the income of Toronto and Vancouver is lower than the rest of the provinces. Vancouver’s annual growth rate is about 14%, while Toronto’s is 20%.
Some areas of Ontario are currently experiencing an increase of more than 50%.