Canadian Home Sales Increased In November

According to the latest Canadian Real Estate Association statistics, home sales across Canada increased slightly in November 2011.

“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “That said, some housing markets are picking up while others are holding steady or consolidating, so buyers and sellers should talk to their local realtor to understand current and prospective trends in their local housing market.”

Between October 2011 and November 2011, home sales across Canada rose by 0.5 per cent.
“Toward the end of every year, there’s a natural inclination to compare how momentum for national sales activity and average price compare to the year before,” said the chief economist for the Canadian Real Estate Association, Gregory Klump, in the same press release. “National sales activity picked up late last year, and November’s results suggest that a similar trend may be playing out again this year. By contrast, national average price also picked up toward the end of last year, whereas this year it has held steady after having peaked in the spring.”

“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” Klump added. “That said, current trends for resale housing and new construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”

For the full press release, visit the CREA website here.

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