Home resales slow, down 15.3% over last year via @CTVNews

OTTAWA -- Canada's housing market continue to show signs of slowing from the torrid pace set in recent years, but also defying the worst fears of an imminent collapse.

The Canadian Real Estate Association reported Monday that existing home sales in the 26 municipal markets it tracks rose a seasonally adjusted 2.4 per cent in March over the previous month, but were down 15.3 per cent from last year.

That's an indication that Finance Minister Jim Flaherty's actions of last summer to tighten mortgage lending, along with home-buying fatigue, are exerting a drag on the market.

But fears that housing was due for a sharp correction remain unrealized as more than half of the local markets saw greater activity, and average home prices -- while subject to regional variations -- on average rose 2.5 per cent from a year earlier to $378,532.

For the full report
http://www.ctvnews.ca/business/home-resales-slow-down-15-3-over-last-year-1.1238260


Shady Kafena

Shady Kafena

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CENTURY 21 Entreprises Immobilières Kafena Inc.
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