CREA, the Canadian Real Estate Association, the main source of information about residential sales and prices across the country is under the microscope for the data it uses to assess sales in this surprisingly strong real estate market.
The increased scrutiny is due to debate about just how inflated the housing market may be. Nearly all economists agreed that house prices were too high and when mortgage insurance rules were tightened in July 2012, sales dropped and stifled talk of any potential bubble as the market slumped for nearly a year. However, in recent months, it has bounced back and surpassed economists’ expectations.
Today's article in the GLOBE & MAIL notes that as people try to make sense of the market's unpredictability, questions have been raised about the accuracy of CREA's statistics.
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