The Canadian average price of homes sold in November 2008 declined by 9.8 per cent from where it stood a year ago. The average price of a house sold in November in Canada was $280,880 a drop of over $30,000 in the last 12 months.

The decline reflects further declines in both activity and price in British Columbia, Alberta and Ontario. House prices fell furthest in British Columbia with a decline of over 12 percent. However, year-over-year declines in the average home price were reported in fewer than half of all the provinces.

The number of properties sold in Canada posted a second consecutive steep decline in November 2008, according to statistics released by The Canadian Real Estate Association (CREA).

“These changes in the Canadian housing market reflect a broader and weakened picture of both the economy and buyer sentiment,” said CREA Chief Economist Gregory Klump. “National sales activity and price trends will continue reflecting increased cautiousness on the part of lenders and buyers, as the economy works its way through and out of the current recession.”

Newfoundland & Labrador continued to have the highest average house price increase with an increase of over 30 percent on the year.

House Prices In Canada
November 2008

Province House Price $ 12 Month % change
Nova Scotia 175,490 1.5
Prince Edward Island 141,717 3.2
New Brunswick 141,354 7.7
Newfoundland & Labrador 191,148 30.8
Quebec 211,191 0.1
Ontario 293,328 -6.1
Manitoba 174,235 0.1
Saskatchewan 217,801 12.5
Alberta 338,354 -4.2
British Columbia 395,687 -12.5
Northwest Territories 355,118 2.6

8 Jan 2009