The Canadian Real Estate Association has released its sales figures for October 2014, finding that home sales increased by 0.7 per cent from September to October, while also increasing 7 per cent over October of last year.
“Low interest rates continued to support sales in some of Canada’s more active an expensive urban housing markets and factored into the monthly increase for national sales,” said the president of the Canadian Real Estate Association, Beth Crosbie. “Even so, sales did not increase in many local markets in Canada, which shoes that national and local housing market trends can be very different. All real estate is local and your Realtor is your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”
The average selling price for homes sold in October of this year was $419,699, which is an increase of 7.1 per cent compared to October 2013.
The chief economist for the Canadian Real Estate Association, Gregory Klump, said that, “While the strength of national sales activity is far from being a Canada-wide phenomenon, it extends beyond Vancouver, Calgary and Toronto. Sales in a number of B.C. markets have started to recover from weaker demand over the past couple of years. They have also been improving across much of Alberta, where interprovincial migration and international immigration are reaching new heights.”