According to a report released by the Canadian Real Estate Association, the national resale market remained stable from June to July.
While prices have come off their peaks in Greater Toronto and Greater Vancouver, they are still higher than they were a year ago.
CREA’s president Wayne Moen said that “recent changes to mortgage regulations were widely expected to temper sales and prices in Greater Toronto and Greater Vancouver, and the data released today confirms that. Even so, sales and price trends can be very different from one market to the next, and run counter to national trends.”
The report indicates that activity across the country edged down 0.01 per cent between June and July 2012 and the national average price fell 2 per cent year-over-year in July. However, the 2 per cent drop in average housing prices is skewed by large declines in Vancouver. The average sales price was up in many other parts of the country.
The report comes on the heels of a report from the CMHC that said the Canadian housing market would moderate through the end of 2012.