Canadian home prices fall 4.7% in May from April

·1 min read
FILE PHOTO: Realtors' signs are hung outside a newly sold property in a Vancouver neighborhood

OTTAWA (Reuters) - Canada's average resale home price fell 4.7% on the month in May and sales fell 8.6%, as rising interest rates continued to cool the country's once scorching housing market, data from the Canadian Real Estate Association (CREA) showed on Tuesday.

The national average selling price dipped to C$711,000 ($548,738.13) in May from C$746,000 in April. Prices are down 12.9%, or just over C$100,000, from February's peak. CREA's home price index dipped 0.8% on the month, but was up 19.8% annually.

($1 = 1.2957 Canadian dollars)

(Reporting by Julie Gordon in Ottawa)

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