The Canadian housing market saw a 2nd monthly decline in July according to Canadian Real Estate Association (CREA) which was reported in the Financial Post. House prices were holding steady, especially relative to the US, but are now sinking lower. Some US centres saw house prices decline by as much as 30% last year.

Some key facts from the article include:

Canada

Average sale price in Canada’s major markets was down 3.6% in July from a year ago to $327,020

This was after a 0.4% year over year decline in June

CMHC reported new home construction was down 13.6% in July from a month earlier (its lowest level in almost a year)

Statistics Canada also said new home prices grew by only 3.5% in June from a year earlier

The latest data shows July sales in the major markets were off 10.9% from a year ago

Supply of new listings was up 11.9% from a year ago

Alberta

CIBC World Markets, predicts prices will continue to fall across the country with Alberta leading the way

In Calgary, the average house home sold in July dipped to $402,788, a 7.8% decline from a year earlier

Sales in Alberta’s largest city also fell 13.1% from a year ago

In Edmonton, the average prices dropped 5.3% from a year ago to $335,100

Vancouver

Greater Vancouver sales continued to drop with the number of units changing hands in July 2,215 (down 44.6%from a year ago)

New Listings jumped 23.9% in July from a year ago

Vancouver home prices actually fell 1% in July from a year earlier

Though it is still the most expensive market in the country with an average price of $575,256

Toronto

Toronto house sales fell 11.1% from a year ago

new listings jumped 17.8% last month from July, 2007

Prices in Toronto rose a meagre 1.5% to an average of $371,410

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