Canadian Home Sales Increase In June: CREA

Home sales in Canada have increased by 2.6 per cent in June 2011 over May 2011, the latest sales figures from the Canadian Real Estate Association show.

“Canadian housing demand remains resilient, thanks to low interest rates, job growth, and home buyer confidence in the economy,” said Canadian Real Estate Association President Gary Morse in a press release. “That said, local housing market trends often differ from national trends, so buyers and sellers should consult their local realtor to understand how the housing market is shaping up where they live.”

According to the Canadian Real Estate Association, 2011 year-to-date sales fit in with the average sales over the last 10 years, and national price averages are being pushed upward because of high-end luxury real estate deals in Vancouver. Throughout all of Canada, 245,170 homes have been sold using Canadian MLS Systems during the first six months of 2011.

“The Canadian housing sector remains on a solid footing,” said the Canadian Real Estate Association’s chief economist, Gregory Klump. “The rise in monthly home sales activity at the end of the second quarter, upbeat sentiment and hiring intentions, and signs that the Bank of Canada is in no rush to raise interest rates bode well for home sales activity and prices going into the second half of 2011.”



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