RBC Economics / Research published their cross-Canada report today.

The report reveals that activity was overall stable across Canada’s housing market in July, though the two hottest markets – Toronto and Vancouver – cooled a few degrees. However, market conditions aren’t indicating the significant correction many fear would occur when resales in May and June did some significant drops. RBC has taken the position that the easing of sales was a transition from the stronger-than-expected start to the year when a milder winter and all those 2.99% mortgage wars between lenders fueled sales to jump leaps and bounds.

According to this RBC report, they still anticipate a decline in the market as the year progresses, instigated by the new rules introduced on July 9th, 2012 that revise the qualification guidelines and rules to government-backed mortgage insurance.  We realtors in the City of Toronto are certainly feeling it, though at the moment we’re chalking it up to the hot weather, our fascination with the Olympics, and our desire to have a little bit of Summer fun.

Click HERE to read the whole report.

~ Steven

Finance
Real Estate