15 Sep 2011

August home sales stable in Canada

Despite economic uncertainty pervading much of the country and the world at large, home sales in Canada held steady in the month of August, a new report indicates.

The Canadian Real Estate Association says national resale housing activity remained stable in August, the second-straight month sales have been balanced.

On a non-seasonally adjusted basis, sales activity increased 16 percent compared to August 2010. In year-to-date sales, more than 324,000 homes have changed hands, the first time this year home buying activity has pulled ahead of 2010's pace.

Gregory Klump, chief economist for CREA, said Canadians are capitalizing on inexpensive mortgage offers.

"Once again, economic and financial market headwinds outside Canada are keeping interest rates lower for longer," said Klump. "Those headwinds will likely persist until, and indeed after, fiscal quagmires in the U.S. and Europe are resolved."

Unlike interest rates, prices for storage units are not subject to the wiles of the global marketplace. Since Jiffy Self Storage's first opened in the GTA, rental spaces have been competitively priced and will remain that way.

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