UPDATE 1-Canada home resales, listings fall in June

* Avg price up 4.9 pct from year earlier, down from May

* New listings slip 6.8 percent from May
(Adds details, comments)

TORONTO, July 15 (BestGrowthStock) – Sales of existing homes in
Canada dropped 8.2 percent in June from May and new listings
fell as well, offering further signs that the hot housing
sector of 2009 and early 2010 is cooling.

A total of 33,959 homes were sold in June, down from 37,005
in May, the Canadian Real Estate Association (CREA) said on
Thursday. Sales in close to 70 percent of markets tracked by
CREA were lower, with Toronto and Calgary the worst hit.

Sales were down 19.7 percent from a year earlier, and down
13.3 percent in the second quarter from near-record levels in
the first three months of the year.

The figures back up economists’ forecasts that the market
would start to slow with the onset of summer as interest rates
began to rise and stricter lending rules came into force.
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“The June report was weak no matter how you slice it. But
it comes as no surprise that the housing market continued to
cooling from the record levels of activity established last
year,” Pascal Gauthier, senior economist at TD Bank, said in a
commentary.

CREA said the national average price in June, at C$342,662
($329,483), was up 4.9 percent from a year earlier but down 1.2
percent from May.

The number of new listings slipped 6.8 percent from the
previous month, following a month-on-month decline of 4.8
percent in May.

($1=$1.04 Canadian)
(Reporting by Ka Yan Ng; Editing by Peter Galloway)

UPDATE 1-Canada home resales, listings fall in June