The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.
Economists attribute much of the cooling to rising interest and mortgage rates.
The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.
The Bank of Canada raised its key interest rate by the highest amount in more than 20 years and warned more rate hikes are coming as it increased its outlook for inflation.
A new poll suggests Canadians are looking for ways to cut back on spending as their concerns about the cost of living rise alongside headline inflation rates.
Canadian Real Estate Association said Monday that about 667,000 residential properties changed hands in 2021, about 30 per cent more than the 10-year average.