Volume Down
The average price for a resale home in Canada's major markets fell by almost $3,500 last month, as prices tumbled in a couple of the country's most expensive cities.
The average resale home sold for $298,094 in November, according to figures from the Canadian Real Estate Association (CREA). That's down from the $301,516 average in October, but is still up 9.4 per cent from a year earlier.
Some of the monthly declines were dramatic. In Greater Vancouver — home of the most expensive housing in Canada — the average price dropped by almost $29,000 to $519,294 in November. The number of sales dropped by 21 per cent.
My experience in the past month has shown me that this means that homes for sale must be priced competively and marketed aggressively. Buyers are able to negotiate more and write up offers with conditions again.