The median price of a Canadian home sold in August was $637,673, down more than 20 percent since February.
The Canadian Association of Realtors said Thursday that the number of homes sold on the real estate group’s MLS system has fallen for six straight months since the Bank of Canada began raising interest rates in March .
Home sales are down 24% from this time last year. And the median sales price has lost nearly $200,000 since hitting an all-time high of $816,720 in February.
Although down from the peak, August’s median sales price is up slightly from $629,971 the previous month.
Rishi Sondhi, an economist at TD Bank, says it would be a mistake to conclude that this rally has turned the market around, as it “was mostly fueled by a rebound in Toronto, where it would be hard to argue that conditions have reached a turning point .”