And everything in between: Vancouver, Victoria, Calgary, Ottawa, Halifax, Edmonton, Quebec City, Winnipeg.

By Wolf Richter for WOLF STREET.

Prices of single-family properties in Canada fell by 0.1% in June from May, seasonally adjusted, and by 3.3% year-over-year, to $765,900 (all prices in Canadian dollars), the lowest level since May 2021, according to the Canada MLS Home Price Index released by the Canadian Real Estate Association (CREA) today.

Since peak-FOMO – peak Fear of Missing Out – in February 2022, prices have plunged by 18.3%. But markets have diverged into opposite directions: On one end, there’s the vast market of the Greater Toronto and Hamilton Area, where single-family home prices have plunged by over 22% to multi-year lows. On the other end, there’s Montreal where prices rose to an all-time high.

And there was everything in between, from smaller drops in Greater Vancouver to small dips from all-time highs in other markets. Calgary, where home prices had still been spiking while they’d already been cascading down in Toronto, has now also turned south, especially condos.

Condo prices across Canada fell by 0.7% in June from May, seasonally adjusted, to $488,400, the lowest level since June 2021. Year-over-year, the index fell by 5.2%.

Since peak-FOMO in March 2022, prices have dropped by 13.0%.

Prices in the major Canadian markets.

Greater Toronto Area, single-family MLS Home Price Benchmark Index:

• Month-to-month: -1.0%, to $1,195,200; the lowest since April 2021
• From peak in February 2022: -22.2%
• Year-over-year: -6.0%.

Greater Toronto Area, condo benchmark price:

• Month-to-month: -0.9% to $576,400, lowest since February 2021.
• From peak in April 2022: -19.5%
• Year-over-year: -7.8%.

Despite the massive problems that the condo market currently faces, prices haven’t dropped quite as much as prices of single-family homes (-22.2%).

Hamilton-Burlington metro single family benchmark price (part of the “Greater Toronto and Hamilton Area”):

• Month-to-month: +0.6% to $854,700, back to February 2021
• From peak in February 2022: -24.3%
• Year-over-year: -6.1%.

Hamilton-Burlington metro condo benchmark price: 

• Month-to-month: -0.5% to $503,100, lowest since June 2021.
• From peak in April 2022: -20.5%
• Year-over-year: -6.5%.

Greater Vancouver single-family benchmark price:

• Month-to-month: -0.1%, to $1,959,800, back to December 2021.
• From peak in March 2022: -5.2%
• Year-over-year: -3.1%.

Greater Vancouver condo benchmark price:

• Month-to-month: -0.9%, to $738,100, where they’d first been in February 2022.
• From high in October 2023: -5.0%.
• Year-over-year: -3.4%, the 12th year-over-year decline in a row.

Victoria, single-family benchmark price:

• Month-to-month: roughly unchanged at $1,159,600, below where it had first been in December 2021
• From peak in March 2022: -8.2%
• Year-over-year: +2.1%.

Victoria, condo benchmark price:

• Month-to-month: -0.4% to $553,400, where it had first been in December 2021
• From peak in March 2022: -8.2%
• Year-over-year: -1.1%.

Ottawa, single family benchmark price:

• Month-to-month: +1.0% to $695,900 where it had first been in November 2021
• From peak in March 2022: -8.8%
• Year-over-year: +1.8%.

Ottawa, condo benchmark price:

• Month-to-month: +1.5% to $406,400, where it had been in May 2021
• From peak in March 2022: -9.3%
• Year-over-year: -0.6%.

Calgary, single family benchmark price:

• Month-to-month: -0.5%, to $682,300, after a four-year spike totaling 55%.
• Year-over-year: +0.6%.

Calgary, condo benchmark price:

• Month-to-month: -0.5%, to $336,200.
• From peak in September 2024: -4.1%
• Year-over-year: -2.5%.

Montreal, single family benchmark price:

• Month-to-month: +0.4%, to $672,200, a new high.
• Year-over-year: +7.8%.

Halifax-Dartmouth, single family benchmark price:

• Month-to-month: +0.3% to $574,400 to new high.
• Year-over-year: +3.9%.

Edmonton, single-family benchmark price:

• Month-to-month: -0.2% to $494,200.
• Year-over-year: +9.8%

Quebec City Area, single-family benchmark price:

• Month-to-month: -0.1%, to $478,500, after a four-year 73% spike.
• Year-over-year: +16.2%

Winnipeg, single-family benchmark price:

• • Month-to-month: +0.7% to $402,200

• Year-over-year: +7.5%

And in case you missed it: The US bond market reacts to the inflationary environment, to fears of a lax Fed, and to a Mississippi River of new debt…. 30-Year Treasury Yield Jumps to 4.96% despite “Solid” Auction, Long End of Yield Curve Steepens, Mortgage-Rate Spread Historically Wide

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