The National Association of Realtors (NAR) reports that existing-home sales in the U.S. will drop from 6.48 million last year to 5.67 million in 2007, and that the Pending Home Sales Index is down 20.4 per cent compared to last year. Canada Mortgage and Housing Corp. (CMHC) says that 2007 will close with 521,000 existing-home sales in Canada, a new all-time record, up from 483,223 last year. In the country’s largest housing market, Toronto, a new all-time sales record was set with six weeks to go before the New Year.
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