New listings declined 5.3% between June and July, with the months of inventory rising from 3.1 to 3.4, the highest level in two years, said economists with National Bank of Canada.
The fall in some of the more overheated markets in Ontario already has been staggering. Home prices are down $166,000 in Cambridge and $95,000 in Guelph , while Kitchener-Waterloo has seen prices skid -16% and Brantford and London, -14% from their February peak, said Hogue.Article content In British Columbia, Fraser Valley is leading the correction, Hogue said, with benchmark prices falling 5.6% since March, more than twice the decline seen in Vancouver.
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