Housing Sales Plummet as Canada’s Hot Market Finally Cools

by Jennifer Kwan
Yahoo! Finance, Canada
Another round of data is driving home the fact that the country’s once-hot housing market has shifted into lower gear. The number of homes sold in Canada in February plummeted 15.8 per cent from the same period last year, the Canadian Real Estate Association said on Friday.
At the same time, the association cut its forecast and now predicts 441,500 sales of existing homes in 2013, down 2.9 per cent from last year’s level. But in 2014, CREA forecasts that national activity will rebound by 4.5 per cent to 461,200 units, reflecting a slow and steady grind higher in activity.
The data drives home the fact that Canada’s housing market is undergoing a soft patch, cooling especially since Ottawa implemented a fourth round of mortgage restrictions last summer to help consumers get a grip on soaring debt levels and calm down a frothy real estate market.
Continue Reading at Yahoo.com…
Please bookmark us