17 Oct 2011

Canada home sales up 3 percent in September

Led by Toronto, real estate sales in Canada surged last month, according to a new report released by the Canadian Real Estate Association.

On a seasonally adjusted basis, national sales activity jumped 3 percent in September, the third-straight month in which sales have either increased or remained stable. Compared to the same period last year, the rate of homes being purchased was 11 percent higher than September 2010 on an unadjusted basis, the report confirms.

"The Canadian housing market remains a bright spot against a backdrop of mixed headline news about the global economy," said Gary Morse, CREA president. "Low mortgage rates continue to draw buyers to the housing market, while recently tightened mortgage regulations are working as intended."

Year-to-date, nearly 361,800 homes have changed hands in Canada, which is 1.2 percent above the pace of property sales through the same period in 2010, CREA indicates.

Given the increase in houses being sold, storage containers in Toronto may be hard to come by, as homeowners snap them up to help themselves in the moving process.

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