Canadian real estate continues to slow

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Canadian-real estate continues to slow

According to the Canadian Real Estate Association , the average house price in Canada has fallen by about 18% since February.

The domestic housing market continues to slow. Last month, the average selling price of a home in Canada hit $665,850, down nearly 20% since February.

The Canadian Real Estate Association (CREA), which represents more than 100,000 brokers, agents and sellers across the country, said Friday the volume of home sales fell 5.6% in the month and is down nearly a quarter from a year ago.

Activity continues to slow due to rising interest rates and uncertainty, ICA President Jill Oudil said in a statement.

After growing at a rapid pace through much of the pandemic, the Canadian housing market was held back this spring by rising interest rates.

Average selling prices have fallen every month since February and are down 1.8% from a year ago.

The largest price declines have been seen in Ontario, where some suburban markets have seen prices double since 2019.

Prices have also fallen in parts of British Columbia. British, although Vancouver continues to register gains.

Prices are more or less stable in the Prairies, but are starting to show slight signs of decline in Quebec. On the east coast, they generally continue to increase, although they seem to have stagnated in Halifax-Dartmouth, according to the ACI.

With information from Pete Evans, CBC

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