Each month, The Canadian Real Estate Association compiles the statistics of existing homes and properties sold.

The average price of a house sold in July in Canada was $302,298, a drop of almost $7,000 over the last 12 months. However, industry insiders are still predicting the average price of a home will rise 5.3 percent in 2008 and a further 4.2 percent next year. Price gains are predicted to become smaller as the resale housing market becomes more balanced.

The market is forecast to remain tightest in Saskatchewan and Manitoba, where demand for houses is the strongest in Canada, and as a result price increases are expected to be biggest in these provinces.

House Prices In Canada
July 2008

Province House Price $ 12 Month % change
Nova Scotia 192,160 5.4
Prince Edward Island 145,852 6.0
New Brunswick 147,091 10.4
Newfoundland & Labrador 181,269 18.7
Quebec 214,070 5.8
Ontario 298,630 2.3
Manitoba 190,354 2.3
Saskatchewan 237,604 29.9
Alberta 352,421 -5.2
British Columbia 444,589 -0.4
Northwest Territories 272,779 -26.7
Yukon 228,033 -9.6

29 Sep 2008