Wow but seriously are we suprised by this news? With new lending rules and also the changes in the market that have been implemented from the new stress test to the new foreign buyer tax that has been implemented. There is lots of uncertainty with some regarding the market we have today. But with these numbers it is a clear indication that people went ahead and pushed their purchase decisions to early last year before the new regulations got put in place.
Now touching on my previous post with the government ending the first time buyer program will people just to try and get approved last minuet? It will be interesting to see what will be of the market in the next few months to come. Usually March - April are when things heat up in the market and you see more homes coming up on the market.
The report indicates an amazing drop of 16.9% as the average price drops 5% led by the Vancouver and Toronto markets which have been just on fire since last year. The attached market has since kept its pace going since detatched home sales slowed down. The latest monthly figures from CREA showed that sales volume was down 16.9% in February compared with a year ago, and down 6.5% compared with January.
If you would like to read more on this news, you can find the article here
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