Sales of existing homes in Canada fell 14.4 per cent last month from a record-setting December a year ago, the Canadian Real Estate Association reported Friday.

About 447,010 homes traded on the Canadian Multiple Listing Service in 2010, down 3.9 per cent from 2009.

The national average resale price in December was $344,551, up two per cent from the same month last year, the Canadian Real Estate Association says.The national average resale price in December was $344,551, up two per cent from the same month last year, the Canadian Real Estate Association says. (CBC)

Still, that was a slightly better than the historical average for December.

Prices and supply were little changed from the month before, the association said.

The national average resale price was $344,551, up two per cent from the same month last year and little changed from November.

Listings totalled 30,486, a stock of inventory that would take 5.8 months to sell at current demand.

"Sales may be starting to plateau in some of Canada's most active and expensive housing markets," said Gregory Klump, chief economist with the Canadian Real Estate Association.

"Combined with a pickup in new listings and further interest rate increases, the stage is being set for smaller price gains and a further deceleration in the growth of mortgage debt."

Average Canadian residential sale price over MLS listings
2010 2009 Change
British Columbia 505,178 465,725 8.5%
Alberta 352,301 341,818 3.1%
Saskatchewan 242,258 232,882 4.0%
Manitoba 222,132 201,343 10.3%
Ontario 342,245 318,366 7.5 %
Quebec 248,697 230,243 8.0%
New Brunswick 157,240 154,906 1.5%
Nova Scotia 206,186 196,690 4.8 %
Prince Edward Island 147,196 146,044 0.8%
Newfoundland and Labrador 235,341 206,374 14.0 %
Northwest Territories 375,796 329,154 14.2 %
Yukon 301,267 270,055 11.6%
Canada 339,030 320,367 5.8%
(Source: The Canadian Real Estate Association)