Mortgage rules slow market: report

The Conference Board of Canada says its research indicates sales fell in August from the month earlier in 21 of the 28 metropolitan areas now being tracked.

New listings also slowed in 17 of those centres.

While signs of that slowdown began to surface before the new rules around amortization and refinancing came into force, much of the deceleration began after Ottawa`s July 9 implementation date, according to the report.

For August, in particular, average prices were down in nine of the 28 municipalities, although, accordinf to the Conference Board, slower sales and fewer listings haven`t necessarily translated in lower prices in all markets.

Last week, the Canadian Real Estate Association reported that sales of existing homes fell 5.8 per cent in August from July, and were down 8.9 per cent from August 2011.

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