Metro home prices continued to fall in July - Mortgage Rates & Mortgage Broker News in Canada

Abstract

Home prices continued their downward decline in most of the country's major metro areas in July. In the Greater Toronto Area, for example, the average selling price fell 6.2% from June to $1,074,754. In Calgary, the benchmark price posted a 0.7% month-over-month decline. RBC economist Robert Hogue suggests buyers in Ontario and B.C. will “struggle the most in the period ahead. Buyers will ‘struggled the most” in Ontario. He suggested Buyers would'struggling the most' in Canada. The price stabilizations may indicate that Ottawa’s resale market is moving towards a more balanced state, which would be good for everyone.