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"The boom in the housing markets is definitely over," Tsur Somerville, a professor in the Sauder School of Business at University of British Columbia said in an interview with The Star. "Depending on where you live, you can likely expect prices to fall further."

Canadian housing prices are decelerating quickly with the steepest decline in more than a decade, The Star reported. Analysts say homeowners in some regions should prepare for further depreciation. The average price of a residential home was $316,052 in August, a year over year drop of 5.1 per cent and the most since 1996. These figures were released by the Canadian Real Estate Association. Millan Mulraine, economics strategist for TD Securities said:

"The report underscores the current shift in the Canadian housing market, as the tone of activity moves slightly closer to a buyer's market"

In August, the city of Toronto also recorded a slight 1 per cent decrease in housing prices – the first negative number in more than a decade, The Star article reads.

July’s new home sales were only slightly changed from June’s, as actual sales (3,135) equate to 40,400 after seasonal-adjustment, up from 39,000 in June. Low-rise sales dropped sharply, with 850 actual sales equal to 11,300 seasonally-adjusted. Will Dunning explains:

"A variety of factors explain this, including reduced supply of new product, but also a sharply expanded resale inventory and uncertainty about the economy."

Resale market activity has exceeded 80,000 for four consecutive months and is now similar to levels seen in 2005 and 2006, the Dunning report concludes.