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Home prices had been on a tear in Canada after a brief dip in 2009 due to the financial crisis.However, more recent data shows the Canadian housing market is hitting the skids.
According to the Real Estate Board of Greater Vancouver, November home sales in the Vancouver region were down 28.6 per cent year over year, and down 12.7 per cent from the previous month. Interestingly enough, there were 15,689 residential properties listed — an increase of over 13 per cent from November 2011.
More people are putting their homes up for sale, but fewer are finding buyers — which points to softening in one of Canada’s most valuable real estate markets.
The value of homes has remained relatively flat. The Multiple Listing Service for the Greater Vancouver area was down only 1.7 per cent from a year ago.
Putting all this together, it’s possible the Canadian housing bubble may very well be popping right before our eyes.