Canada home resales fall in November

Canada home resales fall in November
17/12/2016 , by , in INTERNATIONAL

Sales of Canadian homes fell 5.3 percent in November from October while prices kept rising, a report from the Canadian Real Estate Association showed.

Surging home prices and consumer debt have sparked fears the gains could end in a housing collapse, with prices accelerating in the major cities of Toronto and Vancouver.

Activity in Vancouver already was cooling when the provincial government put a 15 percent tax on foreign buyers in August to alleviate concerns the market has become unaffordable.

CREA said it was slightly increasing its forecast for total sales activity for 2016, including an upward revision for Ontario and a downward revision for British Columbia. It said price rises would be higher than it had previously expected in Ontario and lower in British Columbia.

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