Bloomberg News

Canadian Home Sales Growth Likely Slowing, Regional Data Show

December 06, 2011

Dec. 6 (Bloomberg) -- Canadian home sales may have slowed for a third month in November, with fewer transactions seen in Vancouver and moderating growth in Toronto, regional housing data show.

November sales reported by 10 regional real estate boards show a 5.6 percent increase from a year earlier, according to data compiled by Bloomberg News, the slowest annual pace for this group since May. The 10 markets recorded an 11 percent annual gain in October.

Canadian home buyers have taken advantage of historically low interest rates and available credit from banks, prompting Finance Minister Jim Flaherty to tighten mortgage rules in January.

Home sales in Toronto rose 11 percent in November from a year earlier after growing at an 18 percent pace a month earlier, according to data from the city’s real estate board. Vancouver recorded a 5.9 percent drop in purchases from a year earlier.

The Canadian Real Estate Association releases aggregated national data in the middle of every month.

--Editors: Paul Badertscher, Vince Golle

To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net; Ilan Kolet in Ottawa at ikolet@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net. Marco Babic at mbabic@bloomberg.net


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