OTTAWA – November 16th, 2009 –
According to The Canadian Real Estate Association, sales activity reached the highest level ever for the month of October.
Residential sales activity via the Multiple Listing Service® (MLS®) of Canadian real estate boards numbered 42,288 units. This is up 41.5 per cent compared to October 2008, when news of the global financial crisis hammered consumer confidence. New records for the month were reported in about one-fifth of local markets, including Toronto, Montreal, and Ottawa.
Seasonally adjusted national MLS® home sales totalled 45,818 units in October 2009. This is two per cent higher than the previous record set in May 2007, and 74 per cent above the recent low in January, when activity fell to the lowest level in a decade. New monthly records for activity were set in British Columbia, Ontario, and Quebec, which reflect record level activity in Greater Vancouver, Toronto, Ottawa, Montreal and Quebec City.
Since the beginning of 2009, some 401,124 homes have traded hands via the MLS® System. This is 1.6 per cent above the same period last year, but below levels for this period in each of the previous three years.
“Low interest rates and upbeat consumer confidence continue to release the pent-up demand that built late last year and earlier this year,” said CREA President Dale Ripplinger. “The release of that pent-up demand has boosted national sales activity to new heights and is drawing down inventories.”