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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.7 L3 h) R# ^7 \& x0 e* m4 D% X( R2 z
8 ^( K4 C6 M3 ?3 O, [7 R/ eThe average sale price of a home last month was $281,133, a 9.9% decline from a year ago. It's the fifth straight month that prices have fallen in the country's major markets on a year over year basis, and each month the percentage decline has increased.
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Sales also continue to decline across the country. In major markets, sales in October were down 15.1% from September. The 32,046 sales in October for the entire country were the lowest monthly level since July, 2002.4 R }, X. d$ R6 P }6 f' b
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"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."' u; P6 l0 k; t+ t! z
/ V6 B# p0 d2 O* I3 ?CREA 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. y- r; T4 h) W3 ?& }4 y' ~
' R8 E8 x3 _1 _4 V- n; O3 u"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.
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9 V- T: T. O) ]( C- O2 N2 ] O5 H9 ~He 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.8 S- v& z, R/ j1 N: g$ @
5 q* Q8 r i/ j+ I) FThe market is expected to get some relief from the fact that new listings are expected to decline, Mr. Klump says.' T" p# S/ X4 E( I) @. I5 ]
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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.7 f4 P) @( O+ G1 l+ g
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The 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. |
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发表于 2008-11-14 11:16
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发表于 2008-11-14 17:05
