According to the latest from the Canadian Real Estate Association, national home sale activity increased in October 2011 to the highest levels since January, and the year-to-date sales are in line with the average sales over the last 10 years.
“There was no shortage of headline news in October about global financial market volatility and economic uncertainty, but it doesn’t appear to have dampened homebuyers’ spirits,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “Interest rates are at low levels and are likely to stay that way for some time to come. Homebuyers clearly see the opportunities that the current interest rate environment presents. That said, all real estate is local, so buyers and sellers should consult with their local realtor for an understanding of opportunities in their housing market.”
Resale home sales increased by 1.2 per cent over the month of September, and Toronto, along with other large cities like Montreal and Vancouver, led the sales increases.
“The prevailing economic outlook for Canada is one of slower but still positive economic growth, with heightened caution about investment and hiring decisions,” said the Canadian Real Estate Association’s chief economist, Gregory Klump, in the same press release. “Consumer confidence and the housing sector are being supported by low interest rates and high employment levels, but their prospects depend on how Canada’s economic outlook evolves in response to global economic risks and outcomes in the months ahead. Home sales activity over the past couple of months suggests buyers are confident that the Canadian economy will remain relatively unscathed by global economic risks, since every home purchase is a homebuyer’s vote of confidents in the future. That confidence is no doubt rooted in the success or coordinated fiscal and monetary policy responses that helped quickly pull Canada out of the last recession, and a states willingness and ability to carry out further policy actions if need be.”
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