The number of homes sold across Canada decreased by almost 16 per cent in February compared to a year ago, even as the average sale price dipped by about one per cent to $368,895.
The Canadian Real Estate Association said Friday that housing sales have been effectively flat since August, when new government rules making it harder to get a mortgage came into effect.
CREA said almost 80 per cent of local markets posted year-over-year declines in sales activity in February, the most notable exception being Edmonton.
"A rebound in sales in some of Canada's largest and most expensive markets, similar to those we saw following previous mortgage rule changes, has so far remained elusive," CREA president Wayne Moen said.
CREA repeated its warning that the average price figure is being dragged down by a slowdown in activity in one market — Vancouver. If sales from the Greater Vancouver area aren't included, the national average would have shown an increase of 1.3 per cent during the month.
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