The new CMHC Housing Market Overview Report for August 2010 is out!

The new CMHC Housing Market Overview Report for August 2010 is out!

The report substantiates what we have been hearing from our colleagues across Canada of the market slowing down. Unit sales of existing homes in July were down to 378,432 units from 406,032 units across Canada in June. "Across Canada, existing home sales are down 24.9 per cent compared to July 2009."

Not only are unit sales down from June but prices are down slightly as well. The seasonally adjusted average MLS® price in Canada decreased from $332,492 in June to $331,834 in July.

However when compared to July 2009, the Canada-wide average MLS® price has increased by 2.1 per cent.

Employment was down by 9,300 jobs in July, pushing the unemployment rate 8 per cent. Despite the slight decline last month, employment has been trending upward since July 2009 with a total of 393,700 jobs created. A decline in full time employment (-139,000) in July was largely offset by part-time gains (+129,700). I am concerned that we are replacing full time jobs with part time jobs. When it is all said and done jobs play a HUGE Factor in the housing market. People cannot buy new homes or even sustain their existing homes without JOBS.

You can get a copy of the full report by clicking here.