The number of homes sold through MLS dropped to 27,743 units in November, the lowest level recorded since January 2001, the Canadian Real Estate Association said Monday.

“These changes in the Canadian housing market reflect a broader and weakened picture of both the economy and buyer sentiment,” said CREA chief economist Gregory Klump in a release.

“National sales activity and price trends will continue reflecting increased cautiousness on the part of lenders and buyers, as the economy works its way through and out of the current recession.”

In monthly comparisons, November’s sales represented a 12.3% decline from October.

The national average price of homes sold through the multiple listing service fell 9.8% in yearly comparisons, as real estate activity declined in British Columbia, Alberta and Ontario.

Major markets that observed yearly declines include Vancouver, Victoria, Calgary, Edmonton, Oshawa and Toronto, MLS said.

IE