8 elm condos.Real estate sales in major Canadian cities have fallen sharply. Real estate sales in major Canadian cities, including Toronto, Vancouver and Montreal, fell sharply in July, according to the Canadian Real Estate Industry Association.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
According to data released by the Toronto area Real Estate Board on Aug. 4, only 4912 real estate units changed hands in July, down 47% from 9339 in the same period last year and 24% from June.
The Real Estate Board and most brokers believe that the increase in Canada’s benchmark interest rate by 1 percentage point in mid-July has increased the cost of mortgages, reducing the number of people who buy homes on loans.
Sales in Montreal, Quebec’s largest city, fell 18 per cent in July, with sales of multi-bedroom suites down 38 per cent, according to data released later by the professional association of real estate agents in Quebec.
According to previous data from the Greater Vancouver Real Estate Board, the number of home transfers in the area fell nearly 23% in July from the previous month, with 1887 units sold. Sales are down 43% compared with the same period last year.
In the Hamilton-Burlington area, close to Toronto, property sales fell 39.8 per cent in July from a year earlier. Only 393 properties were sold in Windsor in July, down 40 per cent from 666 in the same month in 2021.
Home sales fell for the second month in a row, falling 3% in July from a year earlier, according to data released by the Calgary real estate board. The reason for the smaller decline than in other cities is that buyers from big cities such as Toronto and Vancouver have bought properties here.
Economists generally believe that the decline in real estate shows that Canada’s economic growth is slowing.
