The Canadian housing market was somewhat slowed down this December with 17.4% fall in sales in comparison with December 2011, as reported by the Canadian Real Estate Association (CREA). Prices, however, still held up, with a gain of 1.6 per cent from December, 2011. Follow the link to view CREA’s full press release.
“Similar to what we saw in September, December sales had fewer business days compared to the same month last year and most other years,” said Gregory Klump, CREA Chief Economist. “It factored into December’s year-over-year decline in sales activity.”
Other highlights include:
• National home sales edged 0.5% lower from November to December.
• Number of newly listed homes dropped 1.3% from November to December.
• Canadian housing market remains firmly in balanced territory.
• MLS® Home Price Index (HPI) up 3.3% in December, the smallest gain since April 2011.
In Ontario, December sales activity experienced a similar to the national level decline – 17.2% in comparison to December 2011. The average home price rose by 3.6%, reaching $368,718, comparing to last year`s 356,061.