June Housing Updates in Canada

Vancouver, Toronto, Calgary

2022/07/27

The correction hitting Canadian housing markets is getting even more serious, with Canada's HPI ↓ 1.9% in June. These price corrections are largely concentrated in Ontario. On the country's west coast, BC's Interior and Lower Mainland regions saw the biggest drops in June. Home sales are down across the country, as expected, with resales ↓ 27% since February, including ↓ 5.6% MoM in June. With more rate hikes expected throughout 2022, RBC forecasts ↓ 34% in resales and ↓ 13% in the benchmark price by early 2023.