Real estate slowdown continues, with average price down 22% since February

The average price of a Canadian home sold in August was $637,673, a number that has fallen by more than 20 per cent since February.

The Canadian Real Estate Association said Thursday that the number of homes that sold on the realtor group's MLS system has now fallen for six months in a row, since the Bank of Canada began to raise interest rates in March.

Home sales are down by 24 per cent from this time last year. And the average selling price has lost almost $200,000 since hitting an all-time high of $816,720 in February.

More to come.