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For the first time since 2013, The average selling price of a Canadian home has fallen.

The average price of a Canadian home sold on the multiple listing service (MLS) in July was $478,696, the Canadian Real Estate Association said Tuesday.

That’s down 0.3 per cent compared to the same month a year earlier, and down five per cent from June, when the average price across the country was $504,458. As prices continue to drop so do the average sales, with 12 % fewer sales occurring in the month of July.

This is largely seen as a result of new and strict laws in Ontario on foreign home buyers and alongside higher rates for Canadians buying second or third homes.  It is important to note that this drop has been seen as rather small, and most likely in line with what occurred in Vancouver when they placed policies very similar to Ontario’s.

A small drop in sales and price with a steady return to healthy market growth.

 

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