About 12 per cent fewer Canadian houses were sold in November compared to the
same month a year ago, and prices were off by just under one per cent, according
to figures released today.
The Canadian Real Estate Association said sales were lower in three-quarters
of all local housing markets, including most large Canadian cities. Calgary was
the exception to that trend, with a 10.6 per cent annual increase in sales
"National sales activity lacks the momentum it had a year ago," CREA chief
economist Gregory Klump said.
Click below to see the slow decline from 1990 through 2011
Sales have now fallen in three of the past four months. In July, Ottawa moved
to tighten the rules that govern the mortgage industry, and that has served to
cool the housing market, CREA says.
"Interest rates have remained low and the economic backdrop has remained
supportive for housing activity, so that should leave little doubt that recent
changes to mortgage regulations are responsible for having cooled activity,"
The average price of a Canadian home sold last month was $356,687, a 0.8 per
cent decline over a year ago.
The average price metric continues to be impacted by what CREA calls,
"compositional factors," namely less sales in the formerly red hot real estate
markets of Toronto and Vancouver.
TIP OF THE WEEK!!
When looking for that perfect area to live in take the time to drive around the neighbourhood. See day turn to night with a simple drive and learn what goes on in the neighbourhood during the evening. There is a chance you may see a very different street from the one you viewed while the sun was high in the in the sky.
Are you looking for a Realtor in Halifax? Thinking it may be the time to sell but arn't quite sure? Thinking about when you should make the move and set out to make a purchase? I can quickly provide complimentry pressure free appraisals or answer any questions you have regarding mortgages, renos and real estate. Contact me or feel free to leave a public comment or question below. Follow me on Twitter and Facebook to see more updates and see what is going on in Nova Scotia real estate.
Jason Shadbolt, BMgt
As a Realtor, Builder and previous Mortgage Specialist, if you have questions, all you have to do is ask!