November 1st, 2012, Owen Bigland
November Market Update
It's been a relatively slow summer and fall housing market for most
areas of the province. That being said, prices have remained stable
through the balance of 2012. So our forecast from December 2011 was half
right: our survey of managers at that time predicted flat prices and a
similar number of sales. We were right on the first forecast and wrong
on the second.
Much of the blame for the decrease in housing sales can go to the
federal government, which moved to tighten mortgage rules in June of
this year. Historically, tightening of this type has led to a slower
housing market for the following 3-6 month period, followed by a return
to a normal market after the adjustment. That m ...