CREA releases August resale housing statistics
According to statistics released by The Canadian Real Estate Association, national resale housing activity dropped from July to August 2012.
The Canadian Real Estate Association (CREA) recently released their resale housing statistics report, showing a decline of 5.8% in August, compared to the previous month. Although the decline is steeper than previous months, CREA's economists show optimism for a nationally balanced market.
The latest round of mortgage regulation changes, implemented in early July, are believed to have fueled a surge of buyers hoping to apply before the rules took effect. This increase in demand in the early summer months inevitably led to what seems like a steep decline in August, according to CREA's Chief Economist, Gregory Klump.