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Housing Slowdown Speeds Up
bhandaripj
Market deterioration surprises analysts, implies 'bust has begun' It doesn't bode well for consumer confidence this Christmas when the value of an existing Canadian home is worth $30,000 less than a year ago, as the accelerated pace of the housing slowdown continues to surprise analysts. "Canadian home sales look to be one of the biggest casualties from the intense market turmoil," BMO Nesbitt Burns economist Doug Porter wrote in a note. "We declared early this year that the housing boom was over, and these figures on the surface would suggest the bust has begun." The average price of a home in October was $281,133, compared with $312,024 in October of 2007, according to figures released yesterday by the Canadian Real Estate Association. In…
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