June saw Canada's housing market continuing to slide with seasonally-adjusted home sales falling 8.2 per cent in June from May levels according to the Canadian Real Estate Association.

Housing affordability and home sales activity will be directly affected by any interest rate hike expected from the Bank of Canada, shortly.

National home sales activity is slowing due to fewer first-time home buyers according the Real Estate Association.

It now appears housing sales peaked in the early months of 2010 ahead of the new Harmonized Sales Tax and higher interest rates in both British Columbia and Ontario, two of the biggest Real Estate Markets.

More and more, economists believe there will be modest declines in average resale home prices before the year is over.

Pictured above is the Casa Condominiums, one of many new Toronto Downtown Condos on the Real Estate Market.