{"id":36248,"date":"2018-07-27T06:52:27","date_gmt":"2018-07-27T11:52:27","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36248"},"modified":"2018-07-27T06:52:27","modified_gmt":"2018-07-27T11:52:27","slug":"spending-on-housing-dropped-12-in-canada-in-june","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36248","title":{"rendered":"Spending on Housing Dropped 12% in Canada in June"},"content":{"rendered":"
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Spending on Housing Dropped 12% in Canada in June<\/a><\/h3>\n<\/header>\n
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The national slowdown was particularly unkind to the province of BC.<\/strong><\/p>\n

Canadian housing data continued to disappoint in the month of June. Albeit the year-over-year decline in home sales was not nearly as disappointing as the month of May. National home sales fell 11% year-over-year in June, a slight upgrade from the 16% decline suffered in May.<\/p>\n

As sales dipped, so too did the total amount spent on real estate. The total dollar volume dipped 12% year-over-year in June, totaling C$23.5 billion. A tough blow to government tax coffers which have reaped record sums of property tax dollars in recent years.<\/p>\n

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The national slowdown was particularly unkind to the province of BC where home sales slid 33% year over year<\/a>, the largest draw-down since June of 2008. Weak buying activity hit Greater Vancouver & Victoria the hardest, sales fell 38% and 30% respectively.<\/p>\n

However, the pullback was not exclusive to the province of BC. Other than small year over year gains in Quebec City, Toronto, and Montreal, most major cities were hit with a drop in home sales<\/a>.<\/p>\n

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The average sales price across the nation dipped in June for the first time since June of 2012, shedding 1% year over year.\u00a0While this marked the fifth month in a row in which the national average price was down on a year-over-year basis, it was the smallest decline among them.\u00a0The Aggregate Composite MLS\u00ae HPI<\/a> was up 0.9% y-o-y in June 2018, marking the 14th consecutive month of decelerating gains. It was also the smallest increase since September 2009.<\/p>\n

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Despite the rather grim data, the Canadian Real Estate Association remained upbeat, CREA President Barb Sukkau noted, \u201cThis year\u2019s new stress-test on mortgage applicants has been weighing on homes sales activity; however, the increase in June suggests its impact may be starting to lift.\u201d<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Spending on Housing Dropped 12% in Canada in June The national slowdown was particularly unkind to the province of BC. Canadian housing data continued to disappoint in the month of June. Albeit the year-over-year decline in home sales was not nearly as disappointing as the month of May. National home sales fell 11% year-over-year in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[103,2340,17496,4254,4255],"class_list":["post-36248","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-housing-market","tag-steve-saretsky","tag-wolf-richter","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36248"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36248\/revisions"}],"predecessor-version":[{"id":36249,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36248\/revisions\/36249"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}