TORONTO —Despite the Conservatives deficit-laden budget geared towards kick starting the economy – the economic downturn continues as the latest housing date from across Canada shows. The number of home re-sales in January is down 40.9 per cent from a year earlier.
National average prices dropped 11.3 per cent year-over-year, according to Canadian Real Estate Association data released Friday.
The realtors group noted that the pace of seasonally adjusted monthly price declines eased in December and January compared with steep month-to-month tumbles of 14.9 per cent in October and 11.8 per cent in November.
The 11.3 per cent unadjusted national price decline was "skewed lower in large part by fewer sales in British Columbia, Alberta and Ontario, where homes are more expensive and demand has softened most," the association stated.
As sales eroded, the number of listings also receded, posting the sharpest year-over-year decline on record, down 14.2 per cent from January 2008.
