The national housing market slowed last month withand prices tumbling between July and August as the Bank of Canada's latest interest rate hike rattled buyers.totalled 38,345 in August, down 4.1 per cent from July. The actual number ofThe market's softening could be a welcome sign for buyers, who watched housing costs soar through much of the COVID-19 pandemic only to be handed a quick succession of interest rate hikes as prices began to fall.
The listing flow is much stronger than that seen earlier in the year and is now even tracking in line with pre-COVID norms, said Robert Kavcic, a senior economist with BMO Capital Markets. Though housing affordability remains a “significant problem,” recent data for the second quarter shows an uptick in first-time purchases, said Sherry Cooper, chief economist with Dominion Lending Centres.Price growth has remained solid in Quebec and the East Coast, followed by British Columbia and the Prairies, it said.
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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. 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: 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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