Average home prices in Canada fell for the fourth consecutive month in June, while home sales were down in three-quarters of all markets.
The average (not seasonally adjusted) home price fell to $665,850 in June, according to data from the Canadian Real Estate Association (CREA). That’s down 6.4% from the previous month and nearly 18% from February. Compared to a year ago, prices are down 1.8%.
On a seasonally adjusted basis, the MLS Home Price Index, which strips out month-to-month volatility, fell for the third consecutive month. It was down 1.9% month-over-month, but remains 14.9% higher compared to last year.
Meanwhile, sales were down 5.6% from May, falling in three quarters of all markets and in 7 out of 10 provinces.
“The cost of borrowing has overtaken supply as the dominant factor affecting housing markets at the moment, but the…
