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Home sales down 19.3% in August
Sales of previously owned Canadian homes fell 3.4 percent in August from July as new listings slowed and house prices slid in some western markets, the Canadian Real Estate Association said on Thursday.
Existing home sales in major markets fell 3.4 percent to 24,887 units on a month-over-month basis, according to CREA, which represents more than 97,000 real estate dealers.
On a year-over-year basis, resales were down 19.3 percent.
Average house prices fell 5.1 percent from the year before to $316,052, dragged down by sales declines in the major markets of Vancouver and Victoria, British Columbia; Calgary and Edmonton, Alberta; and Windsor, Ontario.
In August, Toronto also recorded a slight 1 per cent decrease in housing prices – the first negative number in more than a decade. The other major markets in the CREA report recorded year-over-year gains in average prices.
The number of new listings in the country's major markets fell 5.3 percent on a seasonally adjusted basis, to 47,657 units, after four record-setting months of increasing inventory.
September 16, 2008 in Canadian Real Estate Market | Permalink
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Comments
Hi the real estate may fell due to inflation or deflation of the country. When there is a change in economic condition these things may be happen.
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Brook
Homes for sale and homes for rent in Albany, GA
Posted by: brook | Oct 13, 2008 2:39:17 PM
I agree that cash will be king for awhile as this is a cyclical downturn leading into a fairly long recession. There will definitely be some great bargains by the end of next summer 2009 just like
the end of the last great busttime started in 1989. Prices still have a long slide to go as houses listed three months ago have become new listings now at a greatly reduced price
Posted by: Paul W | Sep 30, 2008 2:38:11 PM
Anybody who is foolish enough right now to put cash into over-priced illiquid (depreciating) assets deserves to be financially ruined.
Throughout the entire financial world people and corporations are short on cash....
...save your money people...cash is going to be verrrrry valuable over the next couple of years.
Posted by: Toronto Bear | Sep 17, 2008 9:29:00 PM
Mysterious-poster-who-has-no-name (what's up with that?), do you by any chance have a real estate business in Toronto West?
Posted by: davidm | Sep 17, 2008 10:02:38 AM
In the new home market, the rate of price growth in July/08,rose by 0.1 per cent on a monthly basis, according to a report by Statistics Canada.
The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.Toronto Real Estate Board President Maureen O’Neill reported at 4th Sept/08.
Look at the best growth over 35%-48% from Jan/2005 to May/2008 in GTA West for Detached Houses:
Oakville W-21(avg.price $718,421) Aug/2008,
Bolton,Caledon-W28(avg.price $563,321) May/2008, Burlington W-25 (avg.price $506,692) Aug/2008,
Georgetown W-27(avg.price $419,137) May/2008,
So I can't see any problem in GTA(West) RE Market! Nobody likes to live in Toronto anymore, but GTA West has potential for 20% growth in the near future.And even now when is the worst period in RE Market still we can see over 2% avg.growth in GTA West.
Posted by: | Sep 16, 2008 2:29:03 PM
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