Last month, the average residential sales price in Canada was $30,000 lower than a year ago.
“Canadian home sales look to be one of the biggest casualties from the intense market turmoil,” BMO Nesbitt Burns economist Doug Porter wrote in a note.
“We declared early this year that the housing boom was over, and these figures on [...]

The Canadian Mortgage and Housing Corporation (CMHC) released their annual Canadian Housing Observer today. The 115-page report examines the state of Canada’s housing market from a variety of perspectives, combining national coverage with provincial and metropolitan detail. The report discusses influences on housing demand, current market developments, housing finance, housing affordability, sustainable communities, and other [...]

The Honourable Jim Flaherty, Minister of Finance, today announced the Government will purchase up to an additional $50 billion of insured mortgage pools by the end of the fiscal year as part of its ongoing efforts to maintain the availability of longer-term credit in Canada.
This action will increase to $75 billion the maximum value of [...]

OTTAWA, November 10, 2008 — The seasonally adjusted annual rate of housing starts was 211,800 units in October, down from 218,600 units in September, according to Canada Mortgage and Housing Corporation (CMHC).
“Housing starts remained strong in October and are consistent with our new home construction forecast for 2008,” said Bob Dugan, Chief Economist at CMHC’s [...]

The Toronto Real Estate Board posted the following press release on their website yesterday. They mention that 2007 was a record year and that the decline we are seeing is a return to a more balanced market. What do you think? Post your thoughts below.

TORONTO, November 5, 2008 — The Greater Toronto Area resale [...]