Canada Housing: Correction vs. Bust – Let the Finger Pointing Begin

One doesn’t have to be an expert in the real estate
market to grasp that there’s something different in the market today.
Call it what you will, a sense, intuition or just plain old gut feel but
there’s little doubt that things are changing.  The only question that
remains is the degree of change?

Here are the facts as we know it:

  • Home sales have dropped month over
    month by 5.8%, which is the biggest monthly drop in two years
  • Number of newly listed homes is down
    1.7% month over month
  • Greater Vancouver Real Estate Board
    states that re-sales were down 30.7% as compared to August 2011.
  • Toronto Real Estate Board states
    re-sales were down 12.5% as compared to August 2011
  • According to the August 2012 CMHC
    quarterly report, second quarter insured mortgages unit volumes were down 25%

 

Indeed, things are different today.  The data speaks for itself, and the debate
today has been reduced to correction versus bust.

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