Canada's housing market experienced a 0.6% drop in May home sales, with benchmark prices down 0.2% to $714,300; Greater Vancouver and Toronto saw significant decreases.

Canada's housing market experienced a decline in May as home sales fell 0.6% and the benchmark price of a home decreased 0.2% to $714,300. Sales were down 5.9% compared to the same time last year, with Greater Vancouver seeing a 19.8% drop and Greater Toronto a 22.2% decrease. The Canadian Real Estate Association attributed the decline to high interest rates, which may ease with the Bank of Canada's recent interest rate cut.