Steeper drop in Canada's existing home prices

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TORONTO -- The Canadian housing market continued its downward spiral in August with a third straight month of falling prices in the country's 25 largest markets, the Canadian Real Estate Association said.
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( F8 Z& s; p. }( F- UThe average price of a home sold fell 5.1% from a year ago to $316,052. The numbers indicate the decline is getting steeper, as year over year prices were off 3.6% in July and just 0.4% the month before that.

The latest statistics also shows activity slowing rapidly with 22 out of the 25 markets surveyed with sales down from a year ago. Some of the sales declines are massive with Vancouver activity off 53.9% from a year ago.
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+ ^: Z8 `& n9 r3 H& W- ^5 X" A) R  bThe Ottawa-based group put on a brave face, pointing out that 2007 is a difficult year to compare with because the market was so strong.

4 L+ p9 F( N% X5 w  B"When comparing statistics, remember 2007 was a record year for real estate sales in Canada, said Calvin Lindberg, president of CREA. "In light of that fact, our current market can certainly be characterized as stable."
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0 t  t0 \$ @! Y( s1 N. X( ~Mr. Lindberg insisted market fundamentals in Canada are solid with mortgage rates at near record low levels. "The challenge is for sellers to price their home to meet the local market realities and for buyers to realize there is no real estate bubble that will burst and send prices to new lows."
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: H7 J& W- P; l' @# P# vDespite that assertion, five of the major markets saw prices declines. In Vancouver prices dropped 5.2% in August from year ago to an average of $557,114. Calgary prices were down 8% during the same period to $390,091.
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5 k) m" E9 u( G) u* _% hIn Toronto, home prices are no longer keeping pace with inflation with the average price of home up just 0.8% in August from a year ago.

Financial Post
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Funny!
A. Mr. Lindberg : for buyers to realize there is no real estate bubble that will burst and send prices to new lows.
) Q% q9 r: `5 s# @8 s- [B. Vancouver prices dropped 5.2% in August from year ago to an average of $557,114. Calgary prices were down 8% during the same period to $390,091.