The Canadian housing market continued to cool in June.
The Canadian Real Estate Association said on Friday that sales in June fell 23.9 per cent compared to last year. Declines were across three-quarters of all markets in the country, led by the most populated areas, including the Greater Toronto Area , Greater Vancouver, Calgary, Edmonton and Hamilton-Burlington. Sales fell 5.6 per cent compared to last month, marking the fourth straight month of decline, although June's drop was more moderate than the ones seen in April and May.
"Sales activity continues to slow in the face of rising interest rates and uncertainty," CREA chair Jill Oudil said in a statement. The MLS Home Price Index , which CREA says is a more accurate price comparison than the median or average price, declined by 1.9 per cent on a monthly basis. The decline is the biggest one-time going back to 2005, according to Bloomberg News.
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