A recent Canadian Real Estate Association report sees a continued weakness in home sales in Canada, with the number of homes sold by its members last month was down slightly from September. The findings continue a trend begun in the summer when the latest mortgage reforms took effect.
CREA says there are signs of diverging trends among local housing markets, with Alberta and Saskatchewan gaining strength and other traditionally hot areas cooling.
Story continues below..
“Little has changed since national activity geared down in the wake of mortgage rules that came into force in July,” said Gregory Klump, CREA’s chief economist.
“Opinions differ about how sharply sales have slowed depending on the local housing market.”
CREA noted that the national statistics don't tell the whole story because of the localized nature of the real estate industry and the distorting impact of the large markets in Vancouver and Toronto.
Sales transactions were up compared with levels one year ago in almost two-thirds of all local markets, with Calgary leading the advances. Sales were below October 2011 levels in Toronto, Vancouver and Montreal.
Regina had the biggest year-to-year gain in HPI, with Calgary, Toronto, Montreal and the Fraser Valley region of the British Columbia also showing increases.
Wondering how Alberta compares with the rest of the country? Here's a look:
With files from CP
Also on HuffPost