Canada's HPI slipped a noticeable 1.9% in June, according to a new report from RBC Economics. realestate canadianrealestate realestatenews homeprices
The correction hitting housing markets all across Canada is getting even more serious as the national MLS Home Price Index saw its largest ever one-month decline in June.from RBC Economics. This is nearly double the the 1% drop seen in April and is substantially larger than the 0.5% dip seen in May.
Areas of the country that were less affected by falling prices in previous months are now seeing more softening. Winnipeg, Montreal, and Quebec City all saw their MLS HPI fall from May to June, something the RBC report says “will mark a turning point.” It comes as no surprise that home sales are down across the country, with resales having fallen 27% since February, including a 5.6% month-over-month drop in June. This trend affects markets all across Canada with a few exceptions seen in Quebec and parts of Atlantic Canada. Declines were largest in Ontario and British Columbia where the high price of real estate means that buyers are much more sensitive to rising interest rates.
Although these trends have already helped to cool off Canadian markets, things are expected to get even colder. With the Bank of Canada’sannounced last week, higher mortgage rates will “spoil or delay homeownership plans for many buyers, especially in British Columbia and Ontario where affordability is particularly stretched,” the report says.
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