Sharp drop in home sales portends stagnant year ahead [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Sharp drop in home sales portends stagnant year ahead Home sales fell sharply in Canada last year as government rule changes sparked the largest annual decline since 28, spurring predictions that Canada could face stagnant sales in 219. Year-end statistics published Tuesday by the Canadian Real Estate Association (CREA) show 458,442 homes sold across the country in 218, down 11.1 per cent from 515,681 sales in 217. It was the worst year for national sales since 212 and the largest annual drop in activity since 28, when sales fell 17 per cent as the economy slid into recession. Story continues below advertisement The decline was due in large part to slowing activity in British Columbia and in the Greater Toronto Area, both hit hard by new government measures, including higher interest rates and tougher mortgage qualification rules that took effect Jan. 1, 218. Sales in the Vancouver region fell 31.6 per cent last year, while sales in the Fraser Valley slid 3.8 per cent and Victoria saw
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