Calgary and Vancouver not looking good…Toronto data coming out today…Ah Oh…

August 5, 2010

According to the MLS, the number of July 2010 home sales in Vancouver plummeted by 45% over July 2009. In Calgary, sales were down 42 per cent compared to last July.

That’s a big drop.

CREA generally releases the combined data from all 101 real estate boards in the middle of each month but the boards can release sales data on their own soon.

Vancouver and Calgary reported Wednesday, Toronto is expected to report today.

For those concerned with the meaning of a large drop in transaction volumes it’s important to point out that transaction volumes do not equal home prices.

As illustrated by the steady growth of Teranet’s House Price Index, Canada home prices are on their way up.

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