Interesting article from the Globe and Mail
Accuracy of housing data under scrutiny
Canada's surprisingly strong real estate market is leading to heightened scrutiny of the data used to assess sales. The main source of information about residential sales and prices is the Canadian Real Estate Association, which represents more than 100,000 real estate agents across the country. On or around the 15th day of each month, after obtaining and working with numbers from local real estate boards, CREA releases information about the previous month's sales levels. The numbers are getting more attention amid debate about just how inflated the market may be. Nearly all economists agreed that house prices were too high when Finance Minister Jim Flaherty stepped in and tightened mortgage insurance rules in July, 2012. Sales dropped, diminishing talk of any potential bubble as the market slumped for nearly a year. In recent months, it has bounced back, and topped economists' expectations.
Full article – http://tinyurl.com/op5gup7
SOURCE: CREA Oct 27 2013