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Canadian home prices slipped in July, fuelled by a more than 12-percent year-over-year price drop in Vancouver, while national sales jumped 3.3 percent, led by Calgary.
The average price for a Canadian home dropped two percent in July to $353,147 from last year, fuelled by a 12.4-percent price decline in Vancouver -- the country’s second largest real estate market and up until recently, ground zero for the hot housing market.
Vancouver’s average home price hit $667,462, down from $761,673 in July of last year, the Canadian Real Estate Association report said.
National sales of homes, meanwhile, were up 3.3 percent from the same time last year. From June to July sales were down 0.01 percent.
Calgary posted one of the largest year-over-year increases in home sales, up 27 percent from the same time last year.
But home sales in both Toronto and Vancouver were down from last year, 4.4 percent and 18.3 percent, respectively.
"Recent changes to mortgage regulations were widely expected to temper sales and prices in Greater Toronto and Greater Vancouver, and the data released today confirms that," Wayne Moen, CREA president, said in a statement.
Nationally new listings increased 1.4 percent from last year.
The number of months of inventory – which is the amount of time it would take to sell the current inventory of homes at the current sales activity rate – stood at 6.1 months in July, unchanged from June.
Economists at TD say the weak housing numbers from CREA are a sign that a correction in Canada’s real estate sector is beginning to take hold.
“The recent slowdown in housing activity is a reflection of a Canadian household that is increasingly wary of taking on more debt. Job growth has effectively stalled over the last few months, owing to an uncertain outlook for the global economy,” says TD economist Francis Fong.
TD expects home prices to fall by about 10 to 15 percent in the coming years.