The average home price in Canada during this year’s second quarter declined 0.7% year-over-year to $809,200, according to a new report by real estate brokerage Royal LePage.
On a quarter-over-quarter basis, the average home price across Canada rose 4% but was still down 5.6% from a peak reached in the first quarter of 2022.
Royal LePage said that the real estate market in Canada is gradually recovering from the steep drop in home prices seen last year when interest rates rose sharply.
The real estate firm said Canada’s house prices are expected to end this year up 8.5% in the fourth quarter from a year earlier.