Average Canadian house worth $496,800 last month, down 1.5% in past year

Average Canadian house worth $496,800 last month-down 1.5 percent in past year

Canadian Real Estate Association says number of transactions dropped in more than half of local markets

Canadian home sales fell in October, as the number of transactions dropped in more than half of all local markets led by dips in Montreal, Edmonton and the Hamilton-Burlington, Ont., area.

The Canadian Real Estate Association says national home sales through its MLS system dropped by 1.6 per cent last month compared with September.

Compared with October 2017, sales last month were down 3.7 per cent as lower sales in the Vancouver region and the B.C. Fraser Valley more than offset gains in the Greater Toronto Area and Montreal.

The drop came as the average price for a home sold last month fell 1.5 per cent from October last year to $496,800.