Aug 15, 2016

By Michael Kramer

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July saw the third consecutive month of lighter housing sales in Canada.

The Canadian Real Estate Association says transactions fell 1.3 per cent nationally – between June and July.

More than half of all the markets tracked by CREA showed decreased sales in July – and that includes Greater Vancouver.

July sales were down 2.9 per cent – compared with the same month a year ago.

The national average price for a home sold in July was $480,743, up 9.9 per cent – compared with a year ago.

But if you leave out the hot Vancouver and Toronto markets, the average price was slightly more than $365,000 – and that’s up seven per cent – compared with the same month last year.

T-D Economics predicts residential sales will fall an additional 14 to 20 per cent in Vancouver due to a new tax on foreign buyers – while overall, Canadian home prices are expected to fall by almost 10 per cent between now and the end of next year.
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