Housing sales fall in October

Housing sales fall in OctoberAccording to the latest figures released, the sales of existing houses have fallen in Canada during the month of October.

The Canadian Real Estate Association has said on Thursday that the housing sales were down from September and also from the previous year, indicating a slowdown in the housing market in the country. The industry body representing Canadian real estate agents said sales fell 0.1 percent in October from September.

The figures also showed that the actual sales of October fell 0.8 percent from the same month of the year earlier. The housing market has been rising in the previous year as well in the first six months of the year. The housing market has begun to fall after the government tightened rules on mortgage lending in July in an attempt to cool the market and prevent home owners from taking too much debt.

The figures also showed that there were differences on the basis of the location. The market has shown signs of cooling in Toronto and Vancouver. On the other hand, the markets in resource-rich western provinces of Saskatchewan and Alberta have been gaining.

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