UPDATE 2-Canada Nov home sales fall, forecast cut for 2013

Mon Dec 17, 2012 10:48am EST
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* Nov sales fall 1.7 pct from Oct, down 11.9 pct versus year earlier

* Real estate group trims housing forecast

* Average prices decline, but aggregate measure still higher

* Economists divided over further slowdown

By Andrea Hopkins

TORONTO, Dec 17 (Reuters) - Sales of existing homes in Canada fell in November from October and year-over-year sales were down as well, the Canadian Real Estate Association said on Monday as it once again trimmed forecasts for resale housing in 2012 and 2013.

The industry group for Canadian real estate agents said sales activity was down a seasonally adjusted 1.7 percent in November from October. Actual sales for November, not seasonally adjusted, were down 11.9 percent from a year earlier.

The drop continues a slowing trend that began when tighter mortgage rules came into effect in July, and CREA said it now believes national resale housing activity will slow 0.5 percent in 2012 and recede by 2 percent in 2013.

The group had said in September it expected housing to rise 1.9 percent this year and decline 1.9 percent in 2013. In June, CREA forecast a 3.8 percent jump this year.   Continued...