The Canadian Real Estate Association (CREA) released an article yesterday, stating that national resale housing activity was up for September 2011. With mixed concern and news about the global economy, the Canadian housing market remains stable and strong.
Sales activity was up 2.7% in September from the previous month. This activity was seen in a number of markets but was led by Toronto. National sales were pushed to their highest level since the stricter mortgage regulations were enforced earlier this year. To date this year, a total of 361,479 homes have traded through the Canadian MLS® system which is 1.2% above levels for the same period last year.
Gary Morse, CREA President is quoted in the article; “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.”
The number of new listings remained fairly stable in the National market, but an increase in new listings were seen in certain local markets including, Toronto, Montreal, Ottawa, Oakville and Vancouver.
CREA’s Chief Economist, Gregory Klump was quoted; “Interest rates are expected to remain low 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.”
SOURCE: CREA (Canadian Real Estate Association); For access to full article, please click here: http://creanews.ca/2011/10/17/canadian-home-sales-pick-up-in-september/
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