Canadian Home Prices in June Continued to Fall from March’s Record-Setting Level

Data released on Thursday (7-15-21) by the Canadian Real Estate Association (CREA) reports that home sales have fallen for three consecutive months, after setting an all-time record high in March 2021. The price of the average Canadian home that sold in June was $679,000, an increase of 25% in the past year. Just over 50,000 Canadian homes changed hands during June. The average selling price, $679,000, was down from $688,000 in May, $696,000 in April, and $716,000 in March. On a monthly basis, home sales fell by 12% in April, by 7% in May, and then by 8% in June. However, year-over-year they were still 13% higher and in fact were still the strongest June on record — a sign of just how red-hot housing was earlier this year.

In comments prepared for the release of the report, CREA chair, Cliff Stevenson said, “While there is still a lot of activity in many housing markets across Canada, things have noticeably calmed down in the last few months. There remains a shortage of supply in many parts of the country, but at least there isn’t the same level of competition among buyers we were seeing a few months ago.”