Property sales and prices are falling in Canada

Property sales and prices are falling in Canada

Todays other news
The current controls come to an end on March 31...
The agency is also seeking other partnerships in Portugal...
The investment was supposed to be for a city centre...
The first one is in Manchester - but will the...
Grainger is selling its low-yield stock and pinning its hope...


Canada’s property market continues to run out of steam, with the latest data from the Canadian Real Estate Association (CREA) revealing that transactions fell by 11.9% and values by 0.3% year-on-year in July.

With the percentage of homes changing hands haven fallen by 2.1% compared to June – the fourth consecutive monthly decline – sales activity is now 15.3% below the record set in March.

Toronto and almost two thirds of local markets across Canada led the downward trend in property sales.

The CREA, which represents about 100 real estate boards across Canada, said provincial government measures to cool the housing market in Ontario continue to have a major impact on overall sales levels, while the Bank of Canada’s interest rate hike of 25 basis points last month probably also pushed buyers to act.

“July’s interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer,” said Andrew Peck, president of CREA. “Even so, sales activity continued to soften in the GGH. Meanwhile, sales and prices in Montreal continue to strengthen.”

Across the country, the national average sale price was $478,696 (£293,480), down 0.3% from a year ago.

Toronto and Vancouver, even at depleted sales levels continue to impact national prices. Without those two markets, the national average price was $381,297 (£233,776) last month.

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Property Investor Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
The agency is also seeking other partnerships in Portugal...
There's an analysis of 13 different overseas investment hotspots...
The Spanish PM says he would like an outright ban...
With Spanish investment properties set to be taxed, is Florida...
Spain’s draconian new tax is already spooking British investors...
The Budget has forced a revision of forecasts for the...
Prices and sales volumes will grow in 2025 despite the...
Recommended for you
Latest Features
The current controls come to an end on March 31...
The agency is also seeking other partnerships in Portugal...
The investment was supposed to be for a city centre...
Sponsored Content
As the property industry shifts towards sustainable practices, Inspired Property...
Are you concerned about rising interest rates and their potential...
In the ever-evolving landscape of property investment, staying ahead of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here