The Canadian Real Estate Association reported yesterday that Canadian home sales slipped for a fourth consecutive month. Toronto and Vancouver both saw sales weaken by 41% and 8% year-over-year respectively.
Month-over-month the nationwide decline was 2.1% while Toronto fell 5.4%, Vancouver was down 1.7% and Calgary was down 5.5%. This is barely a start in the mean reversion due here.
The nationwide benchmark home price declined 1.5 percent to C$607,100 ($476,000) from June, the Canadian Real Estate Association said Tuesday, the largest drop since the previous recession. In Toronto, the country’s largest city, the price fell 4.7 percent on the month. Here is a direct video link.
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