Here are two interesting articles on the current home sales and prices in the market from the Fiancial Post and the CBC.
Canadian home sales drop most in a year as chances of rate hike fade
Canadian existing home sales fell 3.2% in October from the previous month, the biggest drop in more than a year, as the prospect of lower-for-longer interest rates eases pressure on buyers. Unit home sales fell to 39,235 during the month, down from 40,545 in September, the Canadian Real Estate Association said in a statement Friday on its website. Home prices fell 1.1% during the month to $388,277.
Full article - http://tinyurl.com/ldt7xo6
New house prices fall, but real estate sector still strong
After rising steadily since 2008, Statistics Canada’s new housing price index has flattened out in September, following on a 0.1 per cent increase in August, but a new report says that's no cause for concern as Canadian real estate development will remain strong. New housing prices fell in Edmonton, Windsor, Ottawa and Montreal, but those decreases were offset by a 0.5 per cent jump in Calgary, which is seeing higher labour and materials prices as it recovers from floods this summer.
Full article – http://tinyurl.com/mzppgz8