June housing sales fall sharply
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14/07/2010 9:02:00 PM
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Residential housing sales fell significantly across Canada and the average resale price decreased after months of record-setting gains.
The Canadian Real Estate Association reported that home sales fell by 8.2 per cent in June compared to May, led by lower activity in Toronto and Calgary. Sales dropped in 70 per cent of the markets surveyed.
"The housing market is becoming more challenging for sellers," said CREA president Georges Pahud to The Globe and Mail.
The national average resale price was $342,662, down 1 per cent from May's record of $346,881. But prices are still 4.9 per cent higher than they were last June.