Canadian Home Prices Fall As Sales Rise To Initial Crash Levels

The Canadian real estate market’s holding pattern continued last month. Canadian Real Estate Association (CREA) data shows sales climbed in June. The mild climb leaves sales where they were during the initial months of the crash, but with a lot more inventory. 

Source: CREA; Better Dwelling. 

Existing home prices fell 0.3% (-$1.9k) to $665,600 in June, marking the first monthly decline in five months. They’re now 3.6% (-$24.7k) lower than last year and 20.9% ($175.5k) lower than the record high in March 2022, back when dinosaurs roamed the earth. Prices are slightly higher than the worst of the downturn, but they’re roughly at the same level they were in early 2021. A bit of a break, but still 26.3% higher than at the start of the 2020s. 

Source: CREA; Better Dwelling. 

Existing home sales climbed 1.0% (+471) to 48,340 sales in June, marking the second consecutive year they’ve climbed. It was the biggest June since 2023, and 0.3% lower than June 2022. The takeaway here is that the market showed a second year of improvements, but sales are at a level consistent with the initial crash.

Source: CREA; Better Dwelling. 

One thing that is very different from 2022 is the volume of sellers in this market. There were 97,640 new listings in June, only 0.5% (-453) lower than last year. It was the second-most new listings on record for the month, trailing only 2025. There are still a lot of listings.  

Home sales are improving, but remain tepid. At the same time, there’s still a wall of inventory and even more set to flood the market as the record building boom delivers supply. There were a few indicators for the bulls to grasp at, but the prolonged rut is showing very few signs of giving up anytime soon.