HST blamed for drop in sales across the country

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

Vancouver home sales drop sharply

The Globe and Mail-  Vancouver’s housing market slowed considerably in June, with 30 per cent fewer sales than a year ago.

Still, the 2,972 sales made it the second-busiest June on record for the West Coast city. The sharp drop is further evidence that the real estate market is beginning to cool after its sharp post-recession runup after a similar drop in May.

Observers have been projecting a slower market, though not one that will come crashing down, in the face of higher mortgage rates and tighter mortgage rules.

National numbers are released by the Canadian Real Estate Association in the middle of the month, but individual real estate boards around the country often release their sales data earlier…

Vancouver home sales drop sharply – The Globe and Mail

Real estate agents poised to vote on shakeup of industry

Globe and Mail- Real estate agents are making a last-ditch effort to stave off pressure from the Competition Bureau by voting Monday on an overhaul of the way Canadians buy and sell homes.

Agents could find their job descriptions dramatically rewritten as the Canadian Real Estate Association votes on changes that would allow individuals to handle a greater portion of home sales on their own, while still taking advantage of the organization’s powerful listings database.

More than 300 representatives from the country’s real estate boards will gather in Ottawa to determine whether individual sellers should be able to pay a flat fee to an agent to post a listing on the organization’s proprietary Multiple Listings Service. Sellers could then negotiate the sale without the help of an agent. The proposed change would differ from the traditional method where agents handle the listing and sale process and take a percentage of the transaction as a commission…

Real estate agents poised to vote on shakeup of industry – The Globe and Mail

What’s at stake in Competition Bureau’s MLS fight

The Globe and Mail- Canada’s national real estate association, which was founded in 1954. The Multiple Listing Service trademark is owned by CREA, which has nearly 100,000 members, and each of the country’s real-estate boards (there are 101) operates the service in their region. The MLS, which has come under fire, is an Internet-based system where homes are listed and agents can find additional information about a home’s history. Roughly 90 per cent of all residential real-estate transactions in Canada involve MLS data…

What’s at stake in Competition Bureau’s MLS fight – The Globe and Mail

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