Canadian home sales slide 15% in October

vista

A slowdown in some of the country's most expensive cities for housing continues to drag down the average sale price of a home in Canada, the Canadian Real Estate Association said.
: ?, p. o' S# Q+ c+ H0 j. O
The average sale price of a home last month was $281,133, a 9.9% decline from a year ago. It's the fifth straight month that prices have fallen in the country's major markets on a year over year basis, and each month the percentage decline has increased.

+ d1 O6 a+ V$ n+ v) sSales also continue to decline across the country. In major markets, sales in October were down 15.1% from September. The 32,046 sales in October for the entire country were the lowest monthly level since July, 2002.
- e) P- a% _* L; K; P. K! w
, B. B8 b! O8 U( V9 V' d. ^"The breadth and depth of the drop in MLS activity suggests a major downshift in consumers psychology," said Gregory Klump, chief economist CREA. "That has moved many homebuyers to the sidelines until economic news begins to improve."

/ h. m' y% k* j7 S& F2 rCREA said activity was down in 75% of the Canadian markets it surveys, including the five most active, Toronto, Montreal, Vancouver, Calgary and Edmonton. Toronto accounted for one third of the decline in the national sales figure.
+ B8 P9 p+ g+ n
: T+ E3 o* g# [) {6 u2 K"Many homebuyers across Canada battened down the hatches in October as they were concerned with dire headlines about stock market volatility and a global economic downturn," said Mr. Klump.
; @  ?* X3 j" W' N9 e" x( r8 Y+ g
) S7 `/ P. |( jHe said the government's tougher restrictions on home buying played into the decline. New rules that came into effect last month have forced consumers to have at least 5% down on any home purchase. Mortgages can also be amortized over 35 years, down from 40 years, making for a larger monthly payment.

; h5 F% P! r1 ], S- [$ t0 kThe market is expected to get some relief from the fact that new listings are expected to decline, Mr. Klump says.
3 K& M- d6 n4 H' h  @
CREA president Calvin Lindberg said consumer confidence has not been this low since the mid-1990s. "The major drop in consumer and a steady stream of economic bad news from the financial markets is taking its toll on the national housing market," he said.

1 Z2 U# G) z; v$ @3 z9 RThe association pointed out a decline in housing is bad news for the overall economy, saying spin off spending from MLS transaction is about $15.3-billion per year when you include moving and renovation costs and the purchase of new furniture and appliances.

jiaxia1111

好题如顶顶

CO2

地产协会这回是认衰了。9月份的时候嘴还很硬啊。

屯委书记

原帖由 CO2 于 2008-11-14 12:02 发表
  t* }1 X& _! G3 K1 o  K. F地产协会这回是认衰了。9月份的时候嘴还很硬啊。

嘴硬没用

十字路口