CANADIAN HOME PRICES FALL FIRST TIME IN 4 YEARS

Aug 15, 2017

By Bob Komsic

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More proof that the rule changes the Wynne government introduced in April are having an affect.
Sales across the country fell by 12% last month compared to the year before.
The Canadian Real Estate Association (CREA) also says the average national price in July slipped 0.3% in comparison to a year ago and down 5% from June.
The average price was $478,696.
And when you take Toronto and Vancouver out of the equation, the average national price would decline by over $100,000.
CREA points outs July marked the smallest monthly decline in Greater Golden Horseshoe home sales since the province introduced its housing changes in April.
”This suggests sales may be starting to bottom out amid stabilizing housing market sentiment.  Time will tell whether that’s indeed the case.”
Should that happen then Toronto’s market would take a similar path to the one Vancouver took a year ago when that province introduced a 15% foreign buyer’s tax.
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