According to the Canadian Real Estate Association, the average home price dropped close to 5% (1 year go from August), the largest decline in over 12 years.

         Last month, the average home price was $316,052 in Canada's largest 25 largest real estate markets, which was the largest year over year decline since February 1996.

         Five of the major markets in Canada saw price declines. In Vancouver, the countries priciest housing market, sales plummeted 54% and the average home price dropped to $557,114, about 5.2% since August of last year. In Calgary, prices declined about 8% during the same period to $390,091. In Toronto, the average price of a home up 0.8% in August from a year ago, which is no longer keeping up with the rate of inflation.

         Resale home prices continue to rise in 20 of the 25 major markets The largest price increases were mainly in smaller markets, led by Regina, and Newfoundland and Labrador. This is indicating a shift to a buyers market.

         If you are in a strong financial position, it would be a good time to apply for a mortgages online right here, right now and increase your networth and asset column.
 

Source: The Financial Post (P6) and The Globe and Mail (B10), September 16, 2006.