Canada’s housing market is cooling off with prices and sales falling led by steep declines in its two largest markets, new numbers show.
MLS (Multiple Listing Service) Home Price Index fell 1.9 per cent in June from May and is down nearly five per cent from the end of March, a report from RBC Economics found. Sales also fell month over month by 5.6 per cent, and nearly 24 per cent year over year.
Every major centre saw sales fall, including Calgary at 5.6 per cent year over year. Still, it remains among the strongest markets with its price index gaining 14 per cent year over year, while remaining steady in June from May.
Declines were steepest in large centres like Toronto where sales fell more than 41 per cent in June from the same month last year, and Vancouver saw sales decrease by more than 35 per cent.