👉Canada's housing market continued to cool down from its red-hot pandemic pace in May, with the average price of a Canadian home that sold during the month going for $711,000, a decline of more than $100,000 in the past three months. While May is typically a strong month for home sales, the Canadian Real Estate Association (CREA) said Wednesday that the volume of homes that sold fell precipitously during the month, down by 20 per cent compared with the same period a year ago. The slowdown means that home sales are now finally back to the level they were at before the COVID-19 pandemic, the realtor group said.✅ . . #canadianrealestate #realestate #CREA #realstatecanada #canadahousemarket #dailynewscanada #candadianmallu #mnm #malayalisnearmeapp

👉According to new data from Statistics Canada, the Canadian economy grew by a modest 1% in July. Their estimates, however, show economic growth stagnating in August, when the annual inflation rate reached 7%, down from a high of 8.1% in June. Canada's cooling housing market will play a significant role in that slowing, as housing start to weaken as you head into a recession. The latest Statistics Canada figures show output from real estate agents and brokers dropping 3.4% in July, down for the fifth consecutive month. The trend is expressed to continue. The Bank of Canada raised interest rates to 3.25% on Sept. 7 to fight inflation, which has contributed to the cooling housing market. The increase followed a full percentage point hike in July, which was the largest single rate increase in Canada since August 1998. Economists across Canada predict the next interest rate hike will come on Oct. 26 which could be the last.✅ . . #Canadaeconmy #Canadaeconomicgrowth #recessionincanada #recession #canadaeconomist #canadahousemarket #Canadarealestate #Canadanews #canadaeconomynews #dailynewscanada #candadianmallu #mnm #malayalisnearmeapp #canadaupdate #canadanews