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National home sales fall 4% between July and August as market slows: CREA

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The national housing market slowed last month with sales and prices tumbling between July and August as the Bank of Canada's latest interest rate hike rattled buyers.

The Canadian Real Estate Association revealed Friday that seasonally adjusted sales totalled 38,345 in August, down 4.1 per cent from July. The actual number of sales amounted to 40,257, up 5.3 per cent from a year earlier.

The Bank of Canada dealt prospective buyers another blow in July, making August the first full month in the new interest rate environment. “With sales slowing and new listings returning to more normal levels, demand and supply are continuing to come into better balance” he said in a press release. Cerqua's observations were based on new listings hitting 69,438, a 5.5 per cent rise from the prior August. The seasonally-adjusted number reached 68,276, up less than one per cent from July.

While prices are stabilizing at the national level, CREA noted regional differences are re-emerging.

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National home sales fall 4% between July and August as market slows: CREAOTTAWA — The Canadian Real Estate Association says home sales slowed last month as they tumbled by roughly four per cent between July and August. Seasonally adjusted sales totalled 38,345 in August compared with 39,996 in July. The actual number of sales amounted to 40,257, up 5.3 per cent from a year earlier. CREA says the national sales figure was pulled lower in August by declines in Greater Vancouver and the Fraser Valley in B.C., Montreal, Ottawa, Hamilton and Burlington, Ont., as well as L
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National home sales fall 4% between July and August as market slows: CREAThe Canadian Real Estate Association says home sales slowed last month as they tumbled by roughly four per cent between July and August.
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National home sales fall 4% between July and August as market slows: CREAOTTAWA — The Canadian Real Estate Association says home sales slowed last month as they tumbled by roughly four per cent between July and August. Seasonally adjusted sales totalled 38,345 in August compared with 39,996 in July.
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National home sales fall 4% between July and August as market slows: CREASeasonally adjusted sales totalled 38,345 in August compared with 39,996 in July.
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