HST contributing to double-digit decline in B.C. housing starts

Biv Business Today- The number of B.C. housing starts fell 13.3% in July, according to data released Tuesday morning by the Canada Mortgage and Housing Corporation (CMHC).

The number of starts fell to 1,817 in July, down from 2,096 in June. The most significant decline was in Metro Vancouver with a 10% decline to 1,124 units from 1,250 in June.

From a seasonally adjusted basis, B.C. housing starts fell 14.8% in July, slipping to an average annual rate of 20,100 from 23,500 in June. The average annual rate in Metro Vancouver fell to 12,900 units from 14,100…

www.bivinteractive.com – HST contributing to double-digit decline in B.C. housing starts

Home sales continue to drop

Financial Post- Existing home sales continued their rapid decline last month with 70% of markets showing a drop in sales in June from May, according to the Canadian Real Estate Association.

The Ottawa-based group, which has 100 boards across the country, said sales were off 8.2% from a month ago on a seasonally adjusted basis. Toronto and Calgary led the decline.

CREA said tighter mortgage rules and rising rates are slowing the market which declined 13.3% from first quarter which had close to record sales.

"As expected, these two national factors contributed to a widespread decline in activity, with transactions down in all but a dozen or so smaller markets," said CREA…

Home sales continue to drop

Canadian home sales fall 2.6 per cent in April as market cools down

Vancouver Sun- The Canadian housing market is cooling, but the decline will be moderate, thanks to the rebound in the labour market, economists say.

Canadian home sales fell 2.6 per cent in April from the previous month, with residential sales totaling 52,042 units last month, 6.8 per cent below the peak reached in December 2009, the Canadian Real Estate Association said Monday.

Listings, meanwhile, rose to 99,901 homes newly being put up for sale, a record for the month of April that suggests balance is returning to what had been a sellers’ market.

On a seasonally adjusted basis, the months of housing inventory available rose to 5.3 months, the highest level since last May.

"Canada’s housing market has gone from full gallop to stately canter and is poised to slow to a leisurely trot in the months ahead," said Bank of Montreal deputy chief economist Douglas Porter…

Canadian home sales fall 2.6 per cent in April as market cools down

Is housing market moving from ‘big thrill to big chill’?

The Globe and Mail- Sales of existing homes fell again in April, down by 2.6 per cent on a seasonally adjusted basis, which economists said signals that the real estate market will continue to cool as mortgage rates rise and higher house prices take a toll. New listings are also rising as sellers are increasingly enticed by what has been a remarkable rebound from the depths of the recession. Sales have now dipped month-over-month for three months out of the past four.

Average prices rose 12.2 per cent in April from a year earlier, which, while robust, is the “mildest gain” since last summer, noted BMO Nesbitt Burns deputy chief economist Douglas Porter. Raising the question of whether housing is moving “from big thrill to big chill,” Mr. Porter said…

Is housing market moving from ‘big thrill to big chill’? – The Globe and Mail

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