Vancouver and sell real estate Toronto accounted for 85% of the national decline in home sales.
According to the Statistics released by the Canadian Real Estate Association and the Bank of Canada, July’s housing sales dropped 30% compared to the same month last year. Vancouver and buy real estate Toronto led with the lion’s share of the tumble (dropping 45% and 35% respectively), their provinces accounting for 85% of the national decline in home sales. July’s plunge in housing prices and housing sales are said to be gloomy predictions of the HSTs negative impact.
Local property experts are pointing the finger at the Harmonized Sales Tax, claiming it is directly responsible for July’s limp sales volume by scaring off home buyers. In addition to come under the HST umbrella last month, Vancouver and real estate for sale Toronto share another distinction in Canada – these are the two cities that saw astronomical increases in sales activity and home prices in the last several years.
Canadian housing sales Last July was a record-breaker with 18.2% increase over the year before. Vancouver’s market saw the biggest jump that month, with a 90% year-over-year increase in sales. Home sales Toronto saw a more modest, but still remarkable, 28% jump. So the decline tin sales this year seems to be a much-needed correction after a long, dizzying climb.
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