Queen's University

Canadian home sales drop

2010-08-19

Queen’s University professor John Andrew is available to discuss today’s report released by the Canadian Real Estate Association (CREA) that shows a significant drop in home sales.

“The 30% plunge in home sales in Canada in July compared to one year ago is significantly greater than what most of the real estate industry expected," says professor Andrew. "While the introduction of HST in Ontario and BC and anticipated rising interest rates are no doubt contributing factors, there are probably greater forces at play. While the average home sale price was higher in July than one year ago, prices will inevitably fall in response to a large oversupply of homes on the market. The unprecedented large rise in house prices between 2000 and 2009 is unlikely to be sustainable over the next few years, and homeowners need to downgrade their expectations for how the wealth in their home will grow.”

Professor Andrew, of the School of Urban and Regional Planning, specializes in real estate and is also the director of Queen’s University’s Executive Seminars on Corporate & Investment Real Estate.

To arrange an interview, contact Kristyn Wallace at 613.533.6000 ext. 79173 or kristyn.wallace@queensu.ca or Michael Onesi at 613.533.6000 ext. 77513 or michael.onesi@queensu.ca, News and Media Services, Queen’s University.

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