15 Mar 2012

Housing sales increase in Canada

Home sales continue to rise in Canada, according to recent data released by the Canadian Real Estate Association.

February sales of homes in Canada grew by 1.4 percent compared to the previous month, continuing the momentum the real estate market has picked up in recent months. Prices continue to go up as well, although this is beginning to concern policymakers in The Great White North. Fears of a housing bubble bursting, as happened with the economic recession, could prompt some changes from federal legislators in the near future.

"The monthly jump will raise eyebrows in Ottawa, where policymakers are growing more concerned about the risks of an overshoot in home prices (and related mortgage debt) that would set Canada up for a harder landing down the road," CIBC World Markets Chief Economist Avery Shenfeld told Reuters.

The jump in sales is said to be especially strong in select major cities, including Toronto and Vancouver. Those who are moving into a new house in Canada may want to look into self storage options until they're settled. There are a number of options for affordable self storage in Toronto and other cities that could be useful for those in the market for a house.

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