Home re-sale market shows signs of recovery, rises for third straight month
THE CANADIAN PRESS
May 14, 2009
OTTAWA - The Canadian Real Estate Association says sales and prices of existing homes rose sharply in April from the previous month but remained lower than they were at the same time last year.
The association said rebounding consumer confidence and lower home prices have contributed to the market improvement in recent months.
Seasonally-adjusted home resales climbed 11.2 per cent to 34,838 units last month, the biggest month-to-month jump in activity in five years.
Regionally, British Columbia, Alberta, Ontario and Quebec showed improved results with the lion`s share of gains coming in Toronto (10 per cent), Vancouver (30 per cent), Montreal (15 per cent) and Calgary (15 per cent).
The national average sale price of homes listed by realtors was $306,366 in April, 3.2 per cent lower than last April when prices peaked.
Four provinces - Saskatchewan, Manitoba, Quebec and Nova Scotia - actually had record-high average prices in April.
The associated that, without seasonal adjustments, the number of actual home sales were 11.8 per cent lower than last year.
CREA says the lower supply of homes coming onto the market helped balance supply and demand in April, while buyers .
The residential dollar volume of sales increased to $10.2 billion, the first time since last September that it surpassed $10 billion.
CREA economist Gregory Klump says if the trend in sales activity continues, May sales could surpass the pre-recession levels of September.
source: http://finance.sympatico.msn.ca/investing/...mentid=19781558
THE CANADIAN PRESS
May 14, 2009
OTTAWA - The Canadian Real Estate Association says sales and prices of existing homes rose sharply in April from the previous month but remained lower than they were at the same time last year.
The association said rebounding consumer confidence and lower home prices have contributed to the market improvement in recent months.
Seasonally-adjusted home resales climbed 11.2 per cent to 34,838 units last month, the biggest month-to-month jump in activity in five years.
Regionally, British Columbia, Alberta, Ontario and Quebec showed improved results with the lion`s share of gains coming in Toronto (10 per cent), Vancouver (30 per cent), Montreal (15 per cent) and Calgary (15 per cent).
The national average sale price of homes listed by realtors was $306,366 in April, 3.2 per cent lower than last April when prices peaked.
Four provinces - Saskatchewan, Manitoba, Quebec and Nova Scotia - actually had record-high average prices in April.
The associated that, without seasonal adjustments, the number of actual home sales were 11.8 per cent lower than last year.
CREA says the lower supply of homes coming onto the market helped balance supply and demand in April, while buyers .
The residential dollar volume of sales increased to $10.2 billion, the first time since last September that it surpassed $10 billion.
CREA economist Gregory Klump says if the trend in sales activity continues, May sales could surpass the pre-recession levels of September.
source: http://finance.sympatico.msn.ca/investing/...mentid=19781558