Canadian home sales down 3% from 2012 via @CTVNews

Canadian home prices continued to rise in April even as year-over-year sales fell three per cent, according to the latest industry data that has left economists divided over whether the market can count on a soft landing.

"I think some people are perhaps confused by the fact that we've seen a drop in sales but prices haven't fallen yet," said David Madani, an economist at Capital Economics.

"But that's normal because prices respond to sales activity with a lag," said Madani, who believes it's still too early to rule out a sharp correction in what until recently has been an overheated market.

"My expectation is that sales will continue to weaken, as they have been doing since the beginning of last year."

Shady Kafena
Directeur Général
Century 21 Kafena Inc.
Cellule(514) 586-7809

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