Home prices have fallen 4.5% since April, or more than $57,000, but RBC thinks the correction here is still in its early stages.Advertisement 4The heavy hit to Canada’s two most expensive cities was predictable, but signs of the correction are now cropping up in more affordable cities as well.Home sales in Montreal
Previously this had just slowed the growth in prices, but July could be a turning point, with both single-family homes and condo prices actually declining. Even in Calgary, this year’s real estate star, there are signs the market is softening. Home sales remain at historically high levels, but have calmed since the buying frenzy seen at the beginning of the year.
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