15 September 2010
Moreover, the average Multiple Listing Service home price was $324,928 (compare to August 2009 – $324,843). But still the number of new listings was more than double the number of sales. In other words, it would take about 7 months in order to sell all these houses.
Georges Pahud, CREA’s President said that rising interest rates and a potential slowdown in job growth can make the Canadian housing market continue to cool. In this case new changes in mortgage rules may not be needed, though the tightening of the mortgage regulations can influence Canadian housing market negatively. According to Gregory Klump, CREA’s Chief Economist, high sales activity late last year and earlier this year could be one of the reasons of summer activity slowdown – and it can go on.