House prices are now falling in about half of the metro areas surveyed by the Canadian Real Estate Association in its latest report.
The overall average house price grew 3.1 per cent in the year to January, to $401,143. That’s the smallest increase since April, 2013, but it’s largely a story of two still-hot housing markets: Toronto and Vancouver. Strip out those two cities and average house prices are down 0.3 per cent over the past year.
Home sales, meanwhile, are 2 per cent lower than they were a year ago, CREA numbers showed.