Canadian home prices continue to fall
by investor on 15/10/08 at 12:38 pm
Existing home prices in the country’s largest markets fell for the fourth straight month in September but the Canadian Real Estate Association said on Wednesday that the market is beginning to stabilize.
The average price of a home sold in September was $315,461, down from $336,321 a year earlier, for a 6.2% year-over-year decline. In June, home prices fell for the first time in almost a decade and the trend seems to be continuing.
After a 0.4% year-over-year decline in June, prices fell 3.6% in July and then 5.1% August.
Despite that trend, Ottawa-based CREA said the number of properties being listed via the MLS in Canada’s major markets is in decline and causing the numbers of sales to new listings to tighten. There were 146,637 new listings in the third quarter, a 3.3% decline from the all-time high set in the second quarter.
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