Canadian house prices and home sales hit records in March — but have fallen every month since

The price of the average Canadian home that sold in June was $679,000, an increase of 25 per cent in the past year. While sales have risen sharply, too, both figures were lower last month than in the month before.

The Canadian Real Estate Association said in a release Thursday that home sales have now fallen for three months in a row after setting an all-time high in March 2021.

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 per cent in April, by seven per cent in May and then by eight per cent in June. But they were still 13 per cent higher than this time last year.

“While there is still a lot of activity in many housing markets across Canada, things have noticeably calmed down in the last few months,” CREA chair Cliff Stevenson said. “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.”

Markets in Ontario and British Columbia are among the hottest in the country, with annual increases in both provinces topping 30 per cent. Interestingly, the gains are lower in both Toronto and Vancouver than in the rest of each respective province. The annual increase in Vancouver came in at around 14 per cent, while in Toronto it was 20 per cent.

Some parts of Ontario are currently clocking increases of more than 50 per cent.