Canada's Housing Market Slowdown- the Crash is Not Far Away

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From Breakfast with Dave:
As foreshadowed by earlier-released large-city data, Canadian resale home sales fell by 6.8% MoM on a seasonally adjusted basis, the sixth decline in seven months (on a YoY basis sales were down 30%). Vancouver and Toronto saw some of the largest declines, as the HST kicked in B.C. and Ontario, dampening sales activity. But even outside of Toronto and Vancouver, other cities saw large YoY sales decline — Calgary (-41%), Halifax (-26%), Edmonton (-39%) and Winnipeg (-13%) for example — so it was more than just the HST-effect driving the declines.
Average prices across the country were up 1% YoY on aggregate, the slowest increase in over a year. However, the inventory picture still favours buyers so we could see outright prices declines for the remainder of the year. While months’ supply has slowly been inching down over the past three months, at 7.3 months, it is still the highest since March 2009.
Read the original story at Israel’s Financial Expert
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