Home Real Estate Sales Remain Steady in Canada

Posted by Alan Zunec on Monday, September 19th, 2011 at 7:15pm.

Real estate sales in Canada are doing well, despite the current global economic climate. This year, 2011, has turned out to have a much more balanced market than 2010. Sales activity went up 15.8 percent over 2010, and home prices increased an average of 7.7 percent, translating to $349,916 per home this past August. The Canadian Real Estate Association believes this means consumer confidence, at least in real estate, remains high.

More local markets are experiencing balanced conditions in 2011. The national price average remains high, but that is calming down, thanks to fewer high-end sales in Toronto and Vancouver, which tended to skew that average upwards. Ottawa and Toronto both saw an increase in sales, on all levels, while Vancouver, Montreal and Calgary did see slight decreases.

So far in 2011, some 324,030 homes in the MLS system have changed hands throughout Canada. This is slightly ahead of where the country was at this time in 2010. The national housing balance in August of 2011 was at 51.6 percent, almost the same as July, and an indicator of a balanced market. The number of homes listed changed little between the two months as well. Continued low interest rates, expected to remain so through most of 2012, and more affordable home prices are expected to keep the Canadian real estate market balanced and healthy.

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