Canadian home prices see a decline
Following nearly six months of increased national resale housing activity in Canada, January saw a decline in activity with home sales down 4.5% from December 2011. This also marks the biggest monthly decline since July 2010, according to statistics released last week by The Canadian Real Estate Association (CREA).
“The national housing market is stabilizing and remains well balanced,” said Gary Morse, CREA’s President. “That said, forecasts for economic and job growth going forward vary widely for different parts of the country, suggesting a possible continuation of a softening trend in some markets, as well as the potential that demand will pick up based on strong fundamentals in others.”
Activity was down in over half of all local markets in January from the previous month. Led by declines in Greater Toronto and Montréal, demand also softened in a number of other major urban centres including the Fraser Valley, Calgary, Edmonton, Winnipeg, Ottawa, and Greater Vancouver.