CANADIAN REAL ESTATE SUMMER UPDATE

Acording to the Canadian Real Real Estate Association (CREA) home sales across the country declined marginally, continuing a recent trend toward a gradual cooling in what has been a red hot market. Overall, resale housing numbers were down 0.01% in July compared with June, although non-seasonally adjusted sales were up 3.3% compared to July 2011. Though prices were above year-ago levels in seven of ten markets,e falling sales in Greater Vancouver drove the national average lower. While sales activity and activity are no doubt simmering down, they are neither too hot or too cold. The latest CREA figures appear to confirm observations and predictions by Canada Mortgage and Housing Corp., which forecasted a moderate slowdown in both new-home construction and sales of resale homes.

Tricia Greer

Tricia Greer

REALTORĀ®
CENTURY 21 Millennium Inc., Brokerage*
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