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OTTAWA (Reuters) - Sales of existing homes in Canada jumped 31.5 percent in the second quarter from the first and saw their first year-over-year quarterly increase since before the peak of the financial crisis, the Canadian Real Estate Association said on Tuesday.
The industry group said actual home sales totaled 147,351 units in the second quarter of 2009, up 1.4 per cent from the same quarter of 2008.
Home sales rose 8.7 percent in June from May on a seasonally adjusted basis. They were up 17.9 percent from June 2008, using nonseasonally adjusted figures.
"This is on par with the record for the month of June set in 2007 and is the fourth highest ever for activity in any month on record," CREA said in a report.
A total of 41,304 homes changed hands in the month.
The report is the latest piece of evidence showing that consumers are venturing back into the home market, encouraged by low mortgage rates and signs that the worst of the recession is over.
"The recovery in the Canadian housing market continued in earnest in June ...," said Millan Mulraine, economics strategist at TD Securities.
Read the full article here.
The industry group said actual home sales totaled 147,351 units in the second quarter of 2009, up 1.4 per cent from the same quarter of 2008.
Home sales rose 8.7 percent in June from May on a seasonally adjusted basis. They were up 17.9 percent from June 2008, using nonseasonally adjusted figures.
"This is on par with the record for the month of June set in 2007 and is the fourth highest ever for activity in any month on record," CREA said in a report.
A total of 41,304 homes changed hands in the month.
The report is the latest piece of evidence showing that consumers are venturing back into the home market, encouraged by low mortgage rates and signs that the worst of the recession is over.
"The recovery in the Canadian housing market continued in earnest in June ...," said Millan Mulraine, economics strategist at TD Securities.
Read the full article here.