Real Estate News Headlines // September 6th 2016
Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines
Real estate prices are no longer skyrocketing and sales are slumping in Metro Vancouver’s red hot real estate market for the second straight month, statistics released Friday morning confirm.
The number of properties sold in August dropped nearly 26 per cent compared to the previous year, according to figures released by the Real Estate Board of Greater Vancouver.
But according to the industry association, the decline in sales represents a return to “typical levels” and it’s too early to say if the recently introduced tax on foreign buyers is responsible for the slump.
Edmonton’s real estate market held steady in August despite a continuing economic slowdown in Alberta.
Numbers released Friday by the Realtors Association of Edmonton show modest year-over-year declines in home prices and sales for the month, typically one of the busiest periods of the year for real estate activity.
A single-family home in the Edmonton census metropolitan area sold on average for $434,362 in August, for a 0.8-per-cent drop from a year ago.
While Nunavut continues to suffer a housing crisis, the total value of privately-owned residential properties in the territory has increased faster than anywhere else in the country.
