The average price of a residential property sold through the Multiple Listing Service was $316,052 last month, a year over year drop of 5.1 per cent and the most since 1996, according to figures released by the Canadian Real Estate Association yesterday. Sales across the country were also down a deep 19 per cent.
"The report underscores the current shift in the Canadian housing market, as the tone of activity moves slightly closer to a buyer's market," said Millan Mulraine, economics strategist for TD Securities in an economic note yesterday.
In August, the city of Toronto also recorded a slight 1 per cent decrease in housing prices – the first negative number in more than a decade.
Canada's housing market continues to face strong headwinds from declining confidence, low affordability and an upward trend in new listings, said BMO Capital Markets economist Robert Kavic.
