The number of homes sold in September dipped by 1.7 per cent compared to the previous month, breaking a five-month streak of increased sales activity, according to new data from the Canadian Real Estate Association (CREA).

There were 39,938 residential properties sold across the country last month, down from 40,615 sales in August.

The benchmark home price ticked down 0.1 per cent month over month and down 3.4 per cent year over year. The national average price of a home was $676,154 for the month.

CREA senior economist Shaun Cathcart said the expectation for a rate cut wasn’t clear until the “eleventh hour,” which could mean it will have more of an impact in October’s sales figures. If the central bank chooses to cut rates further in the coming months, he says that will also have a big impact down the road. 

Regionally, the Greater Toronto Area and Winnipeg saw increased sales — but dips in Calgary, Edmonton, Ottawa, Montreal and the Vancouver area were enough to pull the average down, according to CREA. 

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source cbcnews