CREA says the average price of a home that sold on its Multiple Listing Service last month went for $711,000. That's down by more than 13 per cent from the all-time high of $816,720 set back in February 2022. CREA says the average price figure can be misleading because it is easily skewed by sales in large expensive markets such as Toronto and Vancouver. The same can be said of the average price figure, which is still 3.4 per cent higher than it was a year ago, despite three monthly declines in a row. Different trends across the countryIf Toronto and Vancouver are stripped out of the numbers, the average price of a Canadian home that sold in May was $588,500.

Source: CBC News June 15, 2022 21:49 UTC