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Average house prices fell 5% year-on-year in July, while turnover fell 29.3% from a year earlier.
According to the Canadian Real Estate Association (CREA), the average transaction price of residential properties in Canada was 629971 yuan in July, down 5 per cent from the same month in 2021. After seasonally adjusted, it was 650760 yuan, down 3% from June and 23% from the peak in February.
Benchmark house prices (HPI) fell 1.7% to $789600 in July. But benchmark house prices still rose 10.9% in July compared with the same period last year.
The transaction volume of residential property across the country fell 29.3% year-on-year, 5.3% lower than in June, the fifth consecutive month of monthly decline. As for new sales in July, there was also a month-on-month decline of 5.3%.
The ratio of trading volume to new outstanding sales remains unchanged at 51.7%, slightly lower than the historical average.
The Real Estate Chamber of Commerce said there were 4 markets across the country where turnover fell in July, including the Greater Toronto area, the Greater Vancouver area, the Fraser Valley, Calgary and Edmonton.
By far, the biggest declines in house prices have been in the markets with the biggest gains, mainly in Toronto and its surrounding communities. But there are signs that the trend is spreading across the country.
Earlier, REBGV of the Dawen Real Estate Bureau released sales figures for July 2022. Sales plunged 43.3% compared with the same period last year, 22.8% lower than in June, and 35.2% lower than the average sales in July of the past 10 years.
The comprehensive benchmark price of all residential properties in the Greater Wonderland Development Bureau area is currently $1207400. It increased by 10.3% compared with July 2021, down 2.3% from the previous month, and 4.5% in the past three months.
Although house prices in Canada hit an all-time high in the first two years of the COVID-19 pandemic, they have reversed since the Bank of Canada began to raise interest rates. Interest rates are expected to rise sharply again in September.
As the central bank signals that the rate hike is not over, experts expect the decline in house prices to widen further. At the same time, some experts believe that with the end of the interest rate hike, the current situation will only be temporary.
