Canadian Real Estate News Headlines (June 22nd 2019)

Hello everyone. How are you?

I provide you with Canada’s news headlines for real estate news for today.

Pre-sale condo buyers back out of contracts as market slows in Lower Mainland

When the market was hot, people lined up overnight to get their hands on pre-sale condominiums. Now that the housing market in B.C.'s Lower Mainland has cooled, some buyers are trying to back out of their contracts — unable to obtain the financing they need.

A Vancouver lawyer says clients are coming to him several times a week hoping he can help find loopholes to get out of buying units they signed onto several years ago.

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Canadian Real Estate Price Gains Decelerate, Vancouver Losses Get Larger

Canadian real estate prices broke a seven month losing streak last month. Teranet–National Bank of Canada House Price Index (TNB HPI) numbers show prices made a monthly increase in May. The increase broke a very long losing streak . However, National Bank warned it wasn’t the good news it may appear to be. May is typically the second largest monthly price increase of the year. This past May was the smallest gain outside of recession.

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Canadian Real Estate Sales Make Largest Increase In 2 Years, Still Below Normal

Some Canadian real estate buyers are blowing off last year’s decline in sales. Canadian Real Estate Association (CREA) numbers show sales made a large increase in May. The rise, while substantial, failed to bring volume to historically significant levels. Last month’s sales still fall short of the average.

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