Canadian home prices down 6 per cent in July from February peak, the largest five-month decline since 2009

Canada’s housing market slowed for the fifth straight month in July, with the volume of home sales down significantly and the typical home price down 6 per cent from the peak in February, marking the largest decline since the 2008-09 financial crisis.

In Ontario’s Oakville-Milton region, a wealthy area west of Toronto, the home price index was down 17 per cent on a seasonally adjusted basis from February to July. The typical home price lost $266,000 over that period. In Mississauga, a large urban centre that borders Toronto, the home price index fell 13 per cent. In Brantford and Barrie, the typical home price was down 14 per cent and 9 per cent, respectively.

“Onward and downward for now,” said Robert Kavcic, senior economist with Bank of Montreal, in a note to clients, adding that July resale numbers do not “fully reflect” the latest interest rate move. Nationally, the volume of sales fell 5.3 per cent from June to July, with activity down in about three-quarters of the country. In the previous month, resales had fallen 5.6 per cent.

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