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Canada’s Housing Market Cools – Edmonton prices continue to climb #yeg #yegre

Canada’s housing market is cooling rapidly in the wake of government changes to mortgage insurance rules, amid suggestions that many potential first-time buyers are opting to remain tenants.

Indeed, the changes made by Finance Minister Jim Flaherty in July appear to be having more of an impact than his earlier attempts. The latest measure of the housing market, released Monday by the Canadian Real Estate Association (CREA), illustrates the extent of the summer slowdown in sales, and has prompted the group to cut its forecasts for both sales and prices.

Sales over the Multiple Listing Service (MLS) system fell 5.8 per cent in August from July, the largest month-over-month decline in two years. The MLS Home Price Index was up 4 per cent from a year ago, but that gain actually marks the slowest rate of increase in more than a year.

Full article – http://tinyurl.com/93w2a76

In Edmonton we reported on Sept 1 that residential property sales slowed both m/m and y/y. Down 17.4% from July and 10.7% from a year ago. Edmonton sales slowing faster than the national rate after a very active spring.
However, prices were stable as compared to the previous month but up 3.8% for SFDs and up 2.6% for condos when compared to last year. The all-residential average selling price was up 3.2% from a year ago.
Overall, our resale market is stable, home starts are up, mortgage rates are low, consumer confidence is high and in-migration is up. Vacancy and availability rates for rental accommodation are down. It`s still a good day to buy real estate.

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