The Canadian Real Estate Association on Monday reported declines in unit sales and prices for the housing market in August, with buyers taking a pass on the country's most expensive markets.

In its report of the country's major markets, the real estate group reported a seasonally adjusted 24,887 MLS-listed sales last month, down 3.4 per cent from July.

Sales were down on a month-to-month basis in all the 25 markets profiled except Edmonton, Calgary and Regina. The biggest monthly drop-off in sales was in Vancouver, which with an average sale price of $557,114 in August, is the most expensive housing market in Canada.

Sales were down on a year-to-year basis in all five of the country's most expensive markets -- Vancouver, Victoria, Calgary, Toronto and Edmonton.

The average sale price in Canada's major markets was down 5.1 per cent, year-over-year, to $316,052 in August.

© The Vancouver Sun 2008