The average price of a Canadian home has fallen by 5.5 per cent to $455,000 over the past 12 months, the Canadian Real Estate Association said Friday. The rules, aimed at making it harder to get a mortgage, poured cold water on the housing market, CREA says, causing a sales slump that persists. Prices have also slumped in many markets, although CREA said the average price figure can be misleading because expensive markets in Toronto and Vancouver skew it higher than it would be otherwise. So the group said a better gauge of the market is something it calls the Home Price Index, a number it calculates by adjusting for the size of different housing markets and types of homes. That figure has risen by 0.8 per cent in the past year, the smallest it has been since last summer.

Source: CBC News February 15, 2019 14:15 UTC