Home sales slowed down through August so much that there was a 34.8 per cent drop in sales compared to last year. This marks the fourth month in a row where sales and home prices have dropped. July's average price was sitting at $746,033 while August had an average price of $732,292.
Since the introduction of the 16 measures in April, the current average price has seen a significant drop. April's average price was almost $1 million.
Not to mention, the number of new listings was the lowest recorded for August since 2010, and down 6.7 per cent from last year.
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