Property market continues to slow: QV

However, as the number of buyers is dropping along with the number of listings, downward pressure on prices isn’t yet significant, he says.

QV’s July residential property market statistics report a 12.7% growth in annual national property values and an average sale price of $381,298.

The main urban areas are showing signs of flattening prices with minimal difference in QV’s figures from last month, while some provincial cities continue to experience “strong growth,” says Hancock.

“We are reporting falls in some average sales prices, however changes in average or median sales prices can simply reflect more activity in the lower end of the market.”