Canadian real estate market decline gathers speed

[trent]

Canadian Real Estate Association recently released the Canadian real estate sales numbers for October 2008. Here are some numbers from their report:

-- Seasonally adjusted residential MLS® sales were 32,048 in October 2008, which represents a decline of 14% from September 2008. Also this was the biggest month-over-month decline in sales since June 1994.

-- The exceptionally bad sales in Toronto accounted for nearly one third of the decline in national MLS® sales activity.

-- The average sale price of residential properties sold via the MLS® in October 2008 was $281,133, or 9.9% down from October 2007.

After all it looks like Canada is not immune to the worldwide real estate slump. Your comments are welcome.

[heyjude]

Originally Posted by trent

-- The average sale price of residential properties sold via the MLS® in October 2008 was $281,133 or 9.9% down from October 2007.

After all it looks like Canada is not immune to the worldwide real estate slump. Your comments are welcome.

This is not good. I don't want to buy a house (we don't have enough money; I recently graduated from school) and I couldn't care less about the prices but this "slump" is bad for the economy in my opinion. I hope it won't get as bad as is in US.

[trent]

Yes, buying now wouldn't be the smartest thing to do, while getting out of debt will. because of irresponsible and greedy banks and house buyers, we are all in this mess now, but some of us without debt will fare much better than the rest.

[Steven]

I don't think anybody will fare better if they lose their job.

[Canadian]

Originally Posted by Steven

I don't think anybody will fare better if they lose their job.

That's why you need savings and emergency fund.