Canada Housing Market. Image credit: Unsplash
Toronto/CMEDIA: Canada’s housing market reportedly continued its downward trend last month with the average selling price of a home down by 1.8 percent compared to what they were a year ago.
After rising at a rapid pace for much of the pandemic, higher interest rates imposed by the Bank of Canada due to higher-than-expected inflation caused Canada’s housing market to slow down this spring.
The average selling price of a home nearing $665,850, shows a decline of almost 20 percent since February.
The volume of home sales fell by 5.6 percent during the month and is down by almost one-quarter compared to last year, the Canadian Real Estate Association (CREA) representing more than 100,000 brokers, agents, and salespeople across the country, said Friday.
“Activity continues to slow in the face of rising interest rates and uncertainty,” CREA chair Jill Oudil said in a statement.
Ontario led the downward trend in the housing market as selling prices that rose the most during the pandemic in the province’s suburban markets are now following a downward trend.
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