Here's how the last BoC rate hike affected home sales in different markets

The economists also point to "strong price gains" in Toronto, Vancouver and other parts of Ontario and B.C. this past spring as having possibly "spooked some buyers."

In June, the Bank of Canada raised its overnight rate by 25 basis points to 4.75 per cent, its first increase since pausing hikes in January. One basis point is equal to one-hundredth of one per cent. Home resales in Toronto jumped 32 per cent in April and May but fell 6.9 per cent month-to-month in June, the report says, despite more properties on the market.

Property values also rose 1.3 per cent in Vancouver last month after a combined 3.1 per cent increase in the two previous months. A "solid growth in supply" appears to have contributed to an increase in home resales in Montreal, which rose about 11 per cent month-to-month in June from 8.1 per cent in May and 3.9 per cent in April.

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