And if you exclude the Greater Toronto and Vancouver-area markets, the average price is now around $525,000 domestically.
The volume of home sales also declined, falling 5.3% month-over-month. This is the smallest decline in the number of sales since real estate activity began to slow five months ago, according to the monthly housing statistics report released Monday by the Canadian Real Estate Association. (AIT).
The report shows that real estate activity is returning to pre-pandemic levels and that the real estate market continues to stabilize after two years of real estate activity marked by record sales prices and sales volumes.
The Bank of Canada has been increasing its key rate since the start of 2022, which is pushing up mortgage prices.
The Greater Toronto Area, Greater Vancouver, Fraser Valley, Calgary and Edmonton saw the largest drop in the number of transactions, according to the report.AIT.
The trend of recent months continues: sales are slowing and prices are falling in some relatively more expensive markets in the country, as well as in areas where prices have increased the most over the past two years.said the President of theAIT Jill Oudil, in the national statistical report.
She added that while the strong demand seen earlier this year has not waned,
some buyers will likely wait to see what happens with borrowing costs and pricing. When they re-enter the market, they will have a little more choice, but not as much as one might have thought..
The number of newly listed properties also fell by 5.3%.
This leads us to believe that some owner-sellers have also decided to waitaccording to Shaun Cathcart, senior economist of theAIT .
The statistical report of theAITshows that prices fell in 9 of 10 provinces in July 2022, while prices in the Prairies remained stable. In the Atlantic Provinces, Halifax-Darmouth saw a slight decline, while in the rest of the region prices continued to rise at a slow but steady pace.
The actual national average selling price, unadjusted for seasonal variations, was down 5% year over year in July.