Sales of residential properties in the country fell for a fifth consecutive month between June and July, but this latest drop was the smallest of five, the Canadian Real Estate Association (CREA) said on Monday.
Sales in July were down 5.3% from June, on a seasonally adjusted basis, ACI said. The actual number of sales last month was 37,975, down 29% from July last year.
The average selling price was $629,971, down 5% from $662,924 last July, and, on a seasonally adjusted basis, was $650,760, down 3% from June .
Excluding the typically high-demand areas of Greater Vancouver and Toronto from the calculation reduces the national average price by $104,000.
These figures are in line with trends for several months and could lead to the return to the market of buyers who were previously excluded, to find more choice, but not as much as they could have expected, says the president of ICA, Jill Oudil.
New listings in July totaled 73,436, down 6% from last July and, on a seasonally adjusted basis, down 5% from June, it adds.
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