According to Canadian Real Estate Association (CREA) statistics released yesterday, national resale housing activity picked up in September.
National sales rose 2.7% compared with August and followed three months of stable activity.
The CREA said September’s increase reflected strengthened activity in a number of major markets, led by Toronto.
National sales were 11% above levels in September 2010.
The number of newly listed homes nationally was changed little from each of the previous two months.
New listings were up from the previous month in a number of major markets, including Toronto, Montreal, Ottawa and Vancouver, offset by fewer new listings in other markets, including the Fraser Valley.
Gregory Klump, CREA’s chief economist, said “Canada’s housing market remains stable amid continuing financial market volatility, contributing to Canadians’ confidence in the economy and providing support for Canadian economic growth.
“Interest rates are expected to remain low for longer, and evidence suggests that recent changes to mortgage regulations are preventing the kind of excesses they were designed to avert. Both of these developments are good news for the housing market.”
Jennifer Harrison
@JHarrisonBIV