Home sales in Canada’s major metro areas are well off of last year’s historic numbers, while home prices continue to trend downward.
In the Greater Toronto Area, home sales were down 41% from last year, while home prices posted a 5.5% monthly decline. In the Greater Vancouver Area, sales were down 35% year-over-year while home prices fell 1.9% month-over-month.
However, average prices are still above year-ago levels for now, with prices in Toronto up 5.3% and prices in Vancouver up 12.4%.
“Another month gave way to another cooling in Canadian housing markets,” wrote RBC economist Claire Fan, noting that Toronto, Vancouver, Montreal, Ottawa and Calgary “all witnessed further declines in home sales in June as markets continue to reverse their pandemic surge following rising borrowing costs with the Bank of Canada pushing interest rates…