According to the Canadian Real Estate Association’s latest statistics for the September 2011 real estate market, home sales across Canada have increased by 2.7 per cent over August 2011.
“The Canadian housing market remains a bright spot against a backdrop of mixed headline news about the global economy,” said the president of the Canadian Real Estate Association, Gary Morse. “Low mortgage rates continue to draw buyers to the housing market, while recently tightened mortgage regulations are working as intended. That said, housing market trends often diverge from national trends due to local factors, so buyers and sellers should talk to a local Realtor to understand housing market trends at play where they live.”
Gregory Klump, the chief economist at the Canadian Real Estate Association, also had this to say: “Canada’s housing market remains stable amid continuing financial market volatility, contributing to Canadians’ confidence in the economy and providing support for Canadian economic growth. Interest rates are expected to remain low and for longer, and evidence suggests that recent changes to mortgage regulations are preventing the kind of excesses they were designed to avert. Both of these developments are good news for the housing market.”
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