Canada's housing starts slow in November


New home building across Canada dropped by a sharp 13 per cent in November as the volatile sector that represents condos and apartments showed declines, but there was still no sign the red-hot Canadian housing market is poised for a tumble, analysts said.

New condos RichmondThe Canada Mortgage and Housing Corporation reported Thursday the seasonally adjusted annual rate of housing starts was 181,100 units in November, down from 208,800 in October.

It was a much larger decrease than economists had expected, as construction of multiple units fell after months of increases driven by a booming condo market in large cities like Toronto, and Vancouver.

Read the full report here...

Greater Vancouver home Sales for 2012

Since 2005, homes sales on average dropped about 3.5% every year. With the continuation of this same rate of decline, 2012 could end up with a home sales figure around 328,500 units. Market sentiment may turn for the worst if events in Europe caused a major set-back in the Greater Vancouver housing market.

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