Today's Market

Market Takes Ridlin

Real estate number from across the country reflect a market that is returning to a balanced state.

Unless you've been living under the proverbial rock, you will be well aware that the market has, for the last 6-10 years been "active". Discounting the brief slowdown during the recession, the market has veered from absolutely crazy to totally insane.

Now the market appears to have been given a dose of Ridlin

The Canadian Real Estate Association reports sales were off 8.2% from a month ago on a seasonally adjusted basis. Toronto and Calgary led the decline. CREA said tighter mortgage rules and rising rates were behind a 13.3% drop in sales over the past quarter.

"As expected, these two national factors contributed to a widespread decline in activity, with transactions down in all but a dozen or so smaller markets," CREA said.

Sales activity was down 19.7% in June from a year ago, when there was a record number of sales for the month.

Although there was a slowdown putting homes up for sale in some Canadian cities, the number of new condominium listings in Toronto is steady.

CREA chief economist Gregory Klump said there could be help on the way for prices in the coming months. "While the pricing environment is becoming more challenging, a recovering economy and job market will provide support for housing activity and prices," he said.

"The housing market is becoming more challenging for sellers," said Georges Pahud, CREA president. "Buyers are in less of a hurry."