10 Aug 2010

Canada experiencing largest residential decline in real estate...

Since harmonized sales tax (HST) came into effect, increased costs for resale homes has put a damper on the market place. More people will try and buy resale homes in order to save the HST that is only payable on new homes.  Notwithstanding, increased pressure on resale homes, Canada is experiencing the largest decline in pricing since leading the pack in the first quarter of 2010 with largest increase in sales prices.  According to economist Adrianne Warren, “Demand and prices have softened alongside moderating global growth…The slowdown has been the most dramatic in Canada.” Average Canadian sale prices during the first quarter were up 16.6 per cent year over year, but in the second quarter, just 6.6 percent. What this decline means for Torontonians selling homes is that there will be more supply, fewer sales and more competition among sellers of resale homes. For sellers to get top selling prices, they will have to remove all stops and show the…

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