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 benchm ark home price tick ed 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.

The drop in sales came despite an interest rate cut in September by the Bank of Canada, from 2.75 to 2.5 per cent.

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 Octobe

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