The Canadian Real Estate Association reports that the national average price for homes sold in July fell compared with a year ago, the first year-over-year drop since February 2013.
The association says the average price for a home sold last month was $478,696, down 0.3% from July 2016, due to fewer sales in Toronto and Vancouver compared with last year.
Excluding Greater Vancouver and Greater Toronto, the national average price was $381,297, up from $365,033 a year ago.
The drop in the national average price came as the number of homes sold through Canadian MLS systems fell for the fourth consecutive month, moving down 2.1% in July compared with June.
CREA says July sales were down from June in close to two-thirds of all markets, led by the Greater Toronto Area, Calgary, Halifax-Dartmouth and Ottawa.
The move leaves sales down 15.3% from the record set in March.
Compared with a year ago, sales in July were down 11.9%.
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