Real estate activity down in Canada

Activity in the Canadian housing market continued to slide in June, with Calgary and Toronto leading the decline.

The Canadian Real Estate Association reports sales were off by more than eight per cent last month, compared to May.

Year over year, the drop is even more pronounced running at almost 20 per cent.

Calgary's housing market only recently became a buyer's market.

But the chief economist with the CREA says that is going to change, with people taking their homes off the market and refusing to accept low-ball offers.

Gregory Klump tells 660News while sales and prices will continue to cool in the coming months, Alberta's energy-based economy will keep luring people to this province.

Klump says declines in prices and sales aren't shocking.

He says the numbers were artificially inflated with a rush of people into the market, buying ahead of tighter mortgage rules and rising interest rates.