Home prices continued their downward decline in most of the country’s major metro areas in July, alongside falling sales.
In the Greater Toronto Area, for example, the average selling price fell 6.2% from June to $1,074,754. That still remains 10.3% higher compared to a year ago. The Home Price Index Composite Benchmark, which removes seasonal volatility, remains 12.9% above year-ago levels.
In Vancouver, the average price slid 2.3% from a month earlier, and is up 10.3% compared to July 2021. In Calgary’s housing market, which has so far proven more resilient compared to others, the benchmark price posted a 0.7% month-over-month decline.
“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals,” noted Keven Crigger, President of the Toronto Regional Real Estate…
