Home sales continue to drop
Filed Under Main Content · Tagged: Adjusted Basis, Calgary, Canadian Real Estate, Canadian Real Estate Association, Existing Home Sales, First Quarter, Mortgage, Ottawa, Rapid Decline, Real Estate Association, Record Sales, Toronto
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…
