Canadian home prices drop 2% in July, sales steady: CREA

[Dr Nevergold]

Canadian home prices drop 2% in July, sales steady: CREA

http://www.thestar.com/business/article/...-prices-drop-2-in-july-sales-steady-crea

The chill of Toronto and Vancouver’s cooling markets was felt across the country in July with home prices down 2 per cent over a year earlier, despite strong gains in many Canadian housing markets.

Compared to Vancouver, Toronto prices held relatively steady with the average price of a GTA home slipping just slightly in July to a seasonally adjusted $494,451 from $496,804 in June, according to statistics from the Canadian Real Estate Association.

[Dr Nevergold]

I personally think this is a great thing, the housing market has been spiraling out of control in the past several years, and it needs to slowly cool so that it doesn't lead to an American-style hulling of the entire economy for houses or condos not worth their inflated values.

[Innsertnamehere]

I guess Carney's higher minimum down payments helped cool the market effectively, without killing it. (so far) the Tories actually did something right!

[Dr Nevergold]

Carney is a Liberal, but I will admit I'm happy that the Finance Minister has instituted higher standards for mortgages to tighten down the overheated market. It was the prudent choice for the market. I am happy he didn't take a free market fundamentalist approach and let the market continue cycling out of control.