It is not going well for Canada these days as home sales fell slightly for this recent month and the previous months as well. According to a previous report by propertywire.com, "National home sales activity edged slightly lower in July with prices up 8.9 percent on average nationwide."
Even though the national sales price is strong, still the annual price growth drops to 4.1 percent in the country. The number of home sales processed declined by 0.4 per cent in July 2015 compared to June, according to creastats.crea.ca. The areas that had major regressions were in Hamilton-Burlington and in the Durham Region of the Greater Toronto Area (GTA). The recurrent decline in sales for these two markets signifies a pullback from record levels in June which could be due to the insufficient supply.
The localized decline is evident since some areas have high sales growth. According to a previous report by propertywire.com, "By contrast, sales in Newfoundland and Labrador were up the most on a month on month basis, marking a rebound from a quiet month of June for the province."
Despite the low return on investments, the overall national home sales activity remains solid. Regions such as British Columbia and the Greater Toronto Area contributed to the stability.
British Columbia and Ontario have a big effect on the nationwide figures, as these two regions account for about 60 per cent of national housing activity. According to a past report by propertywire.com, "It shows how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.'s Lower Mainland."
Canada's real estate industry is not altogether lost. Sales new listings ratio between 40 percent and 60 percent is generally consistent with balanced housing market conditions, indicating sellers' and buyers' markets as stated in a report by propertywire.com.
