Urban Fold

Cooling U.S. Economy Good For Canadian Housing Market

Contrary to American housing markets, Canadian housing sales have continued to grow this year.

"The slowdown in the U.S. economy may not be good for exports, but it is good for the Canadian housing market, the nation's real estate industry association said Friday.

The Canadian Real Estate Association said the ensuing slowdown in the Canadian economy will help keep a lid on mortgage rates, possibly even resulting in a cut in rates.

There were 27,657 homes sold in major Canadian markets last month, which when adjusted to remove seasonal ups and downs, was 1.5 per cent more than in July, the association said.

While the number of homes sold last month was down 6.6 per cent from August 2005, the number of sales so far this year were still up 1.4 per cent from last year's record pace and on track for a new all-time high this year, the association said."

Thanks to John Koch-Schulte

Full Story: Cooling U.S. economy good for Canadian housing market

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