According to the Canadian Real Estate Association, national resale housing activity was down in June 2012.
Home sales were down 1.3 per cent in June, following a 3.4 per cent decline in May. The report states that "actual (not seasonal adjusted) activity stood 4.4 per cent below levels in June 2011, marking the first year-over-year decline since April 2011."
Wayne Moen, CREA President, said that "Canada's housing market lost a litle altitude in June, but it's still flying pretty high. Sales activity and average prices bucked the national easing trend in a number of markets, which underscores that all real estate is local."
However, according to the press release, "a total of 257,193 homes traded hands over the Canadian MLS® Systems in the first half of 2012. This is up 4.7 per cent from levels reported over the same period in 2011, and marks the strongest sales for the first half of any year since 2007."
George Klump, CREA's Chief Economist notes that "Home buyers didn't rush their purchases before the most recently announced changes to mortgage regulations came into effect. That's a big change compared to what we saw as a response to previously announced changes. It will take some time before the compound effect of previous and recent changes to regulations on Canada's housing market becomes apparent."