The average price of a house in Canada continues to climb and the latest increase might be discouraging for prospective home buyers. According to...
The average price of a house in Canada continues to climb and the latest increase might be discouraging for prospective home buyers.from the Canadian Real Estate Association , the national average home price jumped to $668,754 in July. That's a 6.3 per cent increase from July 2022.
"July continued along the same trend we've seen emerge in recent months, with sales levelling off and new listings returning in more normal numbers," said Larry Cerqua, the chair of the CREA, in a statement."This has been giving buyers more choice and balancing the market, which as of July was also slowing the rate of price growth."
The change in home sales between June and July was tiny as it edged down to 0.7 per cent, according to the report. "Sales and price growth are already showing signs of tapering off further in August in response to the Bank of Canada's mid-July rate hike and messaging regarding above-target inflation for longer than previously expected," explained Shaun Cathcart, CREA's senior economist, in the report.
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