Many markets appear to be rebounding from the chaos caused by the trade war with the U.S. — but an economist warns, ‘We’re not out of the woods yet’
Single-family home prices in Ontario continued to stabilize in June after several months of steady decline, according to statistics released Tuesday by the Canadian Real Estate Association (CREA).
The average price of a single-family home in Ontario fell year-over-year from $944,400 in June of 2024 to $880,700 last month, about a 6.7 per cent dip.
Condo prices in the province were down 8.6 per cent in the same period, from $581,400 in June 2024 to $531,300 last month, while the price of townhouses declined 7.8 per cent, from $688,800 last year to $634,900 this June.
The price data uses seasonally adjusted numbers without accounting for inflation, which rose 1.9 per cent nationally this month.
“At the national level, June was pretty close to a carbon copy of May, with sales up about 3 per cent on a month-over-month basis and prices once again holding steady,” CREA senior economist Shaun Cathcart said in a statement.
“It’s another month of data suggesting the anticipated rebound in Canadian housing markets may have only been delayed by a few months, following a chaotic start to the year; although with the latest 35 per cent tariff threat, we’re not out of the woods yet,” he said.
U.S. tariff threats, and a resulting softening economy, cast a cold shadow over Canada’s real estate market in the winter and spring.
“Most housing markets continued to turn a corner in June, although market conditions still vary considerably depending on where you are in Canada,” CREA chair Valérie Paquin said in the release.
“If the spring market was mostly held back by economic uncertainty, barring any further big shocks, that delayed activity could very likely surface this summer and into the fall,” Paquin predicted.
Nationally, the recovery in real estate sales activity during May and June was led by the Greater Toronto Area.
Locally in Halton in June, single-family house prices were down 6.1 per cent, condos were down 5.6 per cent and townhouses were down 7 per cent compared to April 2024, using seasonally adjusted numbers unadjusted for inflation.
Within Ontario, sales in the north continued to show stronger growth than those elsewhere in the province.
Prices of single-family homes in Sault Ste. Marie were up 4.9 per cent year-over-year, while those in Sudbury grew 7.4 per cent. Single-family home prices in North Bay remained stable, with only a 0.5 per cent rise.
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