July 2010

Notes slowing global economic growth The Bank of Canada increased the target for its trend-setting overnight lending rate on July 20, 2010, raising it by a quarter of a percentage point to 0.75 per cent.

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Bank of Canada raises interest rates further

Statistics released by The Canadian Real Estate Association (CREA) show that the number of newly listed homes and sales activity declined in June 2010. Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards receded 8.2 per cent in June from the previous month. Led by lower activity in Toronto and Calgary, sales declined in almost 70 per cent of local markets.

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Home sales continue to cool in June

DURHAM REGION – July 6, 2010 – The Durham Region Association of REALTORS® reported 920 sales through the Multiple Listing Service® (MLS®) during the month of June, a decrease of 17.5% from the record 1,115 sales reported in June 2009.   “At the mid-point of 2010, sales are still up 23% over the first six months of 2009, but sales numbers are beginning to trend downwards as the market settles from its earlier 2010 peaks, influenced by the prospect of higher mortgage rates, the HST and the usual summer slow down.” commented Dierdre Mullen, President of the Durham Region Association of REALTOR®. With 2,461 active resale home listings in June, the mid-year 2010 total of 10,163 listings is also up 18% annually, while the average June selling price of $304,278 came in 8% higher than the average for the same period in 2009.

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Anticipated Summer Slow Down of Resale Housing Market