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Last month a total of 627 homes exchanged hands, down 16.1% from the previous year, making August 2010 the third consecutive month in which the decline in market activity forecast by the Canadian Real Estate Association (CREA) and Canada Mortgage and Housing Corporation (CMHC) continued to erode the gains made last year. Erode but not erase: Year to Date home sales in the jurisdiction of the London and St. Thomas Association of REALTORS® still tops those of last year by 5.2%.
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The decline in market activity forecast by the Canadian Real Estate Association (CREA) and Canada Mortgage and Housing Corporation (CMHC) continued to dampen real estate sales for a second consecutive month. “This is not just our local market,” explains Joe Hough, Past President of the London and St. Thomas Association of REALTORS®, “it’s nationwide. What happened was this: the Great Recession created pent‐up demand in our local real estate market; then, when it became clear, in the Autumn of last year, that Canada and our region had successfully weathered the economic storm, that pent up demand exploded, fueling our market for the period October 2009 until the end of May 2010.”
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The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.
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