Sale prices for resale homes slid by 3.6 per cent in July from the same month last year, according to figures released Thursday from the Canadian Real Estate Association.
The group said the average sale price was $327,020 last month, and it attributed the drop on fewer sales year-over-year in the four most expensive major markets in the country – Vancouver, Victoria, Calgary and Toronto.
Prices in Calgary were off 7.8 per cent year-over-year, while Edmonton saw a retreat of 5.3 per cent in the same time period.
CREA also said prices in the Greater Vancouver area, which are the highest in the country, dipped by one per cent to $575,256.
While prices eased, overall sales on a seasonally unadjusted basis slipped 10.9 per cent year-over-year to 27,889 units. Sales in July 2007 were the strongest on record, CREA said.
Unadjusted new listings, meanwhile, rose by 11.4 per cent to 52,214 units.
"Canada’s housing market is running into some seriously foul weather amid the weakest affordability in nearly two decades," said BMO Capital Markets economist Douglas Porter.
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