Canadian home prices were down 23% in July from February peak: CREA |

Canada’s average resale home price fell 4.5 per cent from a year ago in July and was down 5.4 per cent on the month as buyers continued to sit on the sidelines amid rising borrowing costs, data from the Canadian Real Estate Association showed on Monday.

The national average selling price dipped to $629,971 in July, with prices down 22.9 per cent from February’s peak amid plunging sales.

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Excluding the typically heated Greater Vancouver and Toronto Areas from the calculation cuts $104,000 from the national average price.

CREA chair Jill Oudil says such numbers are the continuation of trends that have been unfolding for several months and will result in sidelined buyers re-entering the market to find more selection but not as much as they may have expected.

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On a seasonally adjusted basis, the association says sales in July fell 5.3 per cent compared with June. The actual number of sales last month was 37,975, down 29 per cent compared with July last year.

Oudil says new listings in July totalled 73,436, down six per cent from last July and on a seasonally adjusted basis, down five per cent from June.

— with files from The Canadian Press