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Home Sales Down; on the Way to the Second Recession?
On the September 17th, the Canadian Real Estate Association (CREA) published the house sales ...
19-10-2012 12:36
Economy
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On the September 17th, the Canadian Real Estate Association (CREA) published the house sales numbers of the months of July and August of 2012. According to the report, the home sales are down 5.8%, it is the highest drop since August of 2010. CREA also notes that the main reason of the drop is the policy changes in mortgage regulations.
 
It is important to note that the housing market in Canada has been growing at very drastic pace, and it is the second try for lawmakers to slowdown the housing market. But is it really the new mortgage regulations contributed to the drop? Here are some facts for you about housing market: Even at the times of the recent recession the average prices were growing. One of the main reasons of this happening is that Canada had relatively stable and charming economy for the foreign investors, especially from Asia, who would drive the prices of real estate up, especially in Vancouver and GTA area.  On top of that with the historically low mortgage rates, it was almost a sin not to buy a home, and lastly, Canada have not been hit by the economical downfall as much as our neighbors to the south. And the rest of the world
 
Some economists, like Mr. Nouriel Roubini, predict the second wave of the economical recession, and this time Canada might not get lucky as it did in 2008. I think the drop in sales is small indication of the larger problem Canada is facing right now.  Slowdown in China and debt crisis in EU is the perfect combination for another wave of economic slowdown

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Home Sales Down; on the Way to the Second Recession? -
19-10-2012 12:36
Economy
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