Canadian home sales are down 30%

Prices are still up by 1% over last year.



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Canadian home sales plummetted in July by 30% over the previous year, according to the Globe and Mail. Prices, however, were still 1% higher than they were in July 2009. The steepest drop in sales was in Vancouver, where they dropped by 45%.

The Canadian Real Estate Association attributed the drop to accelerated sales early in the year to avoid interest rate hikes.

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