Source: Better Dwelling —
Canadian real estate may have just peaked, according to official data this morning. Earlier this month we took a look at Toronto and Vancouver, and why the top for growth is here. Data from the Canadian Real Estate Association (CREA) confirms the same National trend. Home prices hit a new all-time high in June, and they grew at the fastest rate ever. However, a key indicator for annual price growth turned last month. Using it as a base to model July, growth is likely to decelerate this month.
Canadian Real Estate Prices Rise Over 24%
The price of a typical home in Canada made a huge climb over the past year. The aggregate for the composite benchmark reached $734,500 in June, up 0.78% ($5,700) from a month before. It works out to an increase of 24.72% ($145,600) compared to last year. This is a new all-time record high for the national index, and an unbelievable amount for prices to rise in a year. Especially across the whole country.