"There was a slump in resale housing activity nationwide
between July 2012 and August 2012, with declines reported in about two-thirds
of all local markets, including our own," says Barb Whitney, President of
the London and St. Thomas Association of REALTORS®. "The data isn't in
from around the country yet, but we're likely going to see a similar pattern
play out this month as last." She adds,"According to the Canadian
Real Estate Association, recent changes to mortgage regulations are just now starting
to have a dampening effect upon the market. Now that amortization periods for
high ratio mortgages have been shortened, fewer first time buyers can qualitfy
for a mortgage than previously. Lower first-time buying activity is a lynchpin
of the housing market and its curtailment was bound to have downstream effects
over the rest of the market. Year-to-Date home sales are even with last year's.
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