Average home prices in Canada continued to fall in May, while home sales were down in three-quarters of all markets.
The average (not seasonally adjusted) home price dipped to $711,316 in May, according to data from the Canadian Real Estate Association (CREA). That’s down 4.6% from the previous month and nearly 13% from February. Prices remain 3.4% above year-ago levels, but if the current trend continues that’s likely to dip negative as well.
Meanwhile, sales were down 8.6% from April, falling to pre-COVID levels and just slightly above the 10-year average.
“Ultimately, this has been expected and forecast for some time – a slowdown to more normal levels of sales activity and a flattening out of prices,” said senior CREA economist Shaun Cathcart.
“What is surprising is how fast we got here,” he added. “With the now very steep…
