New home prices still climbing
Filed Under Main Content · Tagged: Existing Home, Four Months, Statistics Canada
Financial Post- The housing sector received a small boost yesterday with news from Statistics Canada that new home prices continuing to climb in August, albeit slowly.
The StatsCan data, which shows prices up 2.9% from a year ago, follows reports from last month that sales of existing homes climbed in August for the first time in four months. Existing home prices continued to fall, dropping 1.6% in August from a month ago…
New home prices still climbing
HST blamed for drop in sales across the country
Filed Under Main Content · Tagged: Adjusted Basis, Banks, British Columbia, Consumers, Decline, Existing Home, Financial Group, Housing Market, Interest Rates, July 1, Ottawa, Purchasing, Real Estate Boards, Real Estate Commission, Slowdown
Financial Post- The Ottawa-based group, which represents 100 real estate boards across the country, said July sales fell 6.8% on a seasonally adjusted basis from the previous month, a decline "almost entirely the result of fewer sales in British Columbia and Ontario," where the HST went into effect on July 1.
The slowdown had been expected as consumers rushed to buy homes before July 1 in those provinces. The HST only applies to services used in purchasing and selling an existing home, such as real estate commission, not to the actual sale price.
The housing market did get a bit of good news from some banks, which lowered interest rates this week…
HST blamed for drop in sales across the country
Housing market feels impact of HST introduction
Filed Under Main Content · Tagged: Adjusted Basis, Ahead, British Columbia, Buy Homes, Canadian Real Estate, Consumers, Decline, Existing Home, Harmonized Sales Tax, Housing Market, Implementation, July 1, Ottawa Citizen, Real Estate Association, Real Estate Commission, Sales Tax, Slowdown
Ottawa Citizen- The new harmonized sales tax introduced in British Columbia and Ontario last month had an immediate impact on the housing market, according to the Canadian Real Estate Association.
The Ottawa-based group, which represents 100 boards across the country, said July sales plunged 6.8% on a seasonally adjusted basis from a month ago, a decline “almost entirely the result of fewer sales in British Columbia and Ontario.”
The slowdown had been expected as consumers rushed to buy homes ahead of the July 1 implementation in those provinces. The HST only applies to services used in purchasing and selling an existing home, such as real estate commission, and not the actual sale price.
In British Columbia sales dropped 14.1% from a month ago on a seasonally adjusted basis and Ontario the decline was 8%. The two provinces accounted for 85% of the the change in national activity…
Housing market feels impact of HST introduction
Canadian housing market had strong finish to 2009
Filed Under Main Content · Tagged: Commercial News, Daily News, Existing Home, First Quarter, Housing Market, Interest Rates, Late Spring, Low Mortgage, Mortgage Rates, New Home Construction, New Home Purchase, News Canada, Prelude, Residential Resales, Second Half
Daily Commercial News-
The housing market in Canada has been stronger in the second half of 2009 than was widely anticipated. That has been particularly true for residential resales.
The first quarter of 2009 was nearly disastrous for the existing home market, but all of that turned around in late spring and early summer. Record low mortgage rates have done the trick.
Potential homebuyers know that they are not likely to ever see interest rates this low again.
As for new home construction, it is worth remembering that an existing home sale is often a prelude to a new home purchase.
Canadian housing market had strong finish to 2009 – Daily Commercial News
