TREB Members reported 8,600 sales in June, TREB President Maureen O’Neill announced.

“Sales were down 18 per cent from the 2007 total of 10,451.

Cheers!

http://www.cbc.ca/money/story/2008/07/28/realstate.html#socialcomments

"Canadian housing sales slump in 1st half of '08"

Canada's housing market slumped considerably in the first six months of 2008, said the Canadian Real Estate Association on Monday.

The number of residential homes sold across the country sagged by 13 per cent for the January to June period, according to figures released by the organization.

The numbers appear to be further proof that Canada is sliding into an economic downturn.

The Organization for Economic Co-operation and Development predicts that the Canadian economy will grow by only 1.2 per cent this year. In periods of slower growth, potential home buyers often hold off purchases until the economy improves.

Hmm.. New housing law in US.. Absolutely no idea how or if it can affect the Canadian or even US real estate market. If any one knows, please share.

http://money.cnn.com/2008/07/30/news/economy/housing_bill_Bush/index.htm?cnn=yes

Viggy,
What is happening is US housing market? Let me try to sum up...

When there is a profit then it's called capitalism and smart people are making profit. When there is loss it's called socialism and taxpayers need to pay for irresponsible broke people.

This bill is not solving problem but creating the bigger mess that will hunt after few months/year. This bill is created/supported by big 4 banks, National Association of Realtors, big mortgage broker firms and so called experts. This bill will help people to pretend they can afford home for few more months with lower payment.




http://seekingalpha.com/article/87565-why-the-2008-housing-relief-bill-is-no-relief?source=patrick.net


..............................The cost of this bill, despite other proposed funding options, will be funded primarily by the American taxpayer over the long term, and in particular those of us who are "financially fit". That is, people who have not got in over their heads and are effectively managing the debt they have. It also covers people who have taken the efforts, sometimes sacrificing other wants and luxuries, in order to be timely on their income tax payments, debt obligations and to ensure they enter loans they can afford.

So if you are in the "financially fit" category, like I am, you should be annoyed at having to bail out the rest of broke America. I understand that some people are genuinely distressed, but the vast majority got themselves into this mess through financial ignorance or mismanagement.
..................................................

The truth may be unthinkable, but the reality is undeniable:

Much of nation's financial structure is collapsing, and government's only response is phony money, bogus bailouts and a litany of false promises.

link for complete story

http://www.moneyandmarkets.com/Issues.aspx?Unthinkable-Truth-Undeniable-Reality-2024

Mortgage tremors rocking the financial world!

Full story go to the following link

http://www.moneyandmarkets.com//issues.aspx?Mortgage-tremors-rocking-the-financial-world-1952

GM, Fannie, Lehman: Too big to fail? Or too big to save?

complete story go to

http://moneyandmarkets.com/Issues.aspx?GM-Fannie-Lehman-Too-big-to-fail-Or-too-big-to-save-1963

Krazzyfour,
Thanks for posting good links and keeping CD informed.
As I was reading comments from Greater Fool site (http://www.greaterfool.ca/) Mike wrote comments about TO housing, may be that is interested for local people there:

------------------------------------------------------
On the Toronto selling front… I have visited TWO houses over the past weeks which just recently sold. One was in the Sheppard/Leslie area and was a bungalow that they spent a bucket load of cash on…new kitchen/baths/ deck/garage etc on a ravine lot…. only prob close to Sheppard and a bit noisy. They listed mid 600s , reduced to low 600s weeks later and just sold for the price of 587K from a list of 638K.
Another near Yonge and Steeles was a fixer upper …estate sale on a 60 ft lot with an old old pool in the back. Finally after 60 plus days sold for $595 from an asking of the 675K range and a couple of price drops.
This property was in an area surrounded by very large custom homes so the value is there.
August I am told is a slow month for real estate but I suspect Sept and the rest of the year will be just as slow as people rethink the huge financial commitment a house is. I put this info on here because I know alot of folks get sick of people talking about things theoretically slowing down. I am somewhat glad that things are at least selling at 8-10% below even lowered prices.
Perhaps Garth’s estimate are conservative and I certainly hope they are.
-----------------------------------------

Quote:

---

Originally posted by Krazzyfour

The truth may be unthinkable, but the reality is undeniable:

Much of nation's financial structure is collapsing, and government's only response is phony money, bogus bailouts and a litany of false promises.

link for complete story

http://www.moneyandmarkets.com/Issues.aspx?Unthinkable-Truth-Undeniable-Reality-2024

Mortgage tremors rocking the financial world!

Full story go to the following link

http://www.moneyandmarkets.com//issues.aspx?Mortgage-tremors-rocking-the-financial-world-1952

GM, Fannie, Lehman: Too big to fail? Or too big to save?

complete story go to

http://moneyandmarkets.com/Issues.aspx?GM-Fannie-Lehman-Too-big-to-fail-Or-too-big-to-save-1963

---

Below are few facts needs to be considered and viewed before making decision of the life time.

U.S. home prices drop record 16%

http://www.reportonbusiness.com/servlet/story/RTGAM.20080729.wushomeprices0729/BNStory/Business/home


Sold for 8.5% less than paid in 2006

http://www.reportonbusiness.com/servlet/story/RTGAM.20080729.wushomeprices0729/CommentStory/Business/home#comment2312720

Unemployment Rate Hits 5.7% highest in 4 years As U.S. Sheds 51,000 more Jobs in July

http://ca.news.finance.yahoo.com/s/01082008/2/biz-finance-u-s-jjobless-rate-climbs-51-000-jobs.html

http://online.wsj.com/article/SB121759274467204365.html?mod=hpp_us_whats_news

Economists React: U.S. Still ‘Bleeding Jobs’

http://blogs.wsj.com/economics/2008/08/01/economists-react-us-still-bleeding-jobs/

Cheers!