Home sales fall for fifth consecutive month in Canada

(Toronto) 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.

Posted at 10:58 a.m.

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 generally popular areas of Greater Vancouver and Toronto from the calculation reduces the national average price by $104,000.

These figures continue 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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