National home sales up in October

According to statistics released by the Canadian Real Estate Association (CREA), Canadian resale housing activity picked up even further in October 2011 after an increase in September. An article was released by CREA highlighting the national sales for October.

The sales activity in October rose to the highest level this year since January with a steady supply of new listings. The number of new listings has remained fairly steady over the past 3 months. Home sales through the MLS® system in Canada rose 1.2% in October 2011 from the previous month. Toronto, Montreal and Vancouver all posted monthly sales increases. Year to date a total of 397,561 homes have traded through the MLS® system this year. The average price for homes sold in October was at $362,899, up 5.5% from October 2010.

CREA’s President, Gary Morse noted that “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 homebuyer’s spirits”. In addition, the low interest rates that are currently available are making it an attractive time to buy for Canadians. It appears that Canadians are still confident about the real estate market in Canada.

SOURCE: The Canadian Real Estate Association

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Mary O'Brien

Mary O'Brien

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CENTURY 21 Miller Real Estate Ltd., Brokerage*
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