Price declines in the Vancouver market lowered the average Canadian house price, despite a year-to-year increase in sales, according to a Canadian Real Estate Association (CREA) report on Wednesday.
Over the last few years, housing prices have been slowly increasing, but CREA’s report for July shows a slight drop in real estate prices.
CREA stated that the national average price of homes sold in July 2012 was $353,147— down two percent from the same month a year earlier. But if the Greater Vancouver Area were taken out of the equation, it would show a 1.1 percent increase from the year before.
“Average sale prices in July were up from levels one year ago in about 7 of every 10 local markets, but declining sales activity in Greater Vancouver continues to impact the national average price,” CREA wrote.
The report also stated that sales activity was up 3.3 percent in July 2012 compared to the same month in 2011. From June to July 2012, sales activity was little changed.
Despite the slight drop in price, CREA believes that “the national housing market remains firmly entrenched in balanced market territory, supported by stable sales activity and fewer new listings.”
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