The price of  real estate in many cities across the country has begun to decline, which has started to cause concern among those looking to purchase a new property.

Those who bought a property are considering whether they can cancel the purchase agreement, instead of acquiring a real estate ownership whose price has dropped.

These are the conditions of the real estate market at this time, overshadowed by concerns about the continuous decline in real estate prices after the peak they witnessed, and anxiety prevails especially in the largest Canadian city and the third largest Canadian city where prices in Toronto began to decline month after month.

Kevin Krieger, Chairman of the Board, said in a statement  "Home sales have been affected by both the challenge of affordability represented by rising mortgage rates and the psychological impact as homebuyers who can afford the high borrowing costs have suspended their decision to see where home prices will end up."

Adding, "I expect current market conditions to remain in place during the slow summer months."

Crigger's predictions come at a time when many of the country's largest housing markets - Vancouver, Toronto, and Calgary - have cooled in recent months.

Real estate brokers and economists attribute this phenomenon to rising interest and mortgage rates as well as inflation, which recently reached 7.7 percent, its highest level in nearly 40 years.

On the other hand, the Bank of Canada raised interest rates several times, which may be an obstacle in their path.

 These conditions mean that purchasing power will be lower for potential buyers, but the market is still shifting in their favor because homes are for sale for longer periods, and often we no longer see the heated bidding that occurred months ago.

Although homes sold at a lower average price in June than those traded in May, prices are still higher than last year.

Meanwhile, the average home price in the area reached $1,146,254 last month, an increase of almost 5 percent from June 2021, where the June average was around six percent, representing a decline from May 2022.

It has been observed that  year-over-year price increases occurred in every housing category and extended to the areas surrounding Toronto.

Where  the average prices in  Toronto excluding its suburbs - $1,737,012 for detached houses, $1,027,050 for semi-detached houses, and $771,267 for condominiums.

In the suburban areas of the GTA, known as 905, the average price was more than $1,361,862 for a detached home, $906,311 for a semi-detached home, and $692,598 for a condo.

With rising prices since June 2021, real estate agents noticed that many have delayed listing their properties, preferring to wait for the market to return again.

The council found that the number of listings during June remained almost unchanged from last year.

New listings rose by one percent to 16,347 last month compared to June 2021, and also fell by 12 percent from May 2022.