Despite all the naysayers (including some of our valued politicians), the Canadian economy is doing quite well all things considered. Interest rates remain near record lows and the housing market is sensibly stable. Housing activity was robust for October, 2011 on the heels of a good September. Prices are up year over year as well.
Even cottage mortgages remain stable for Ontario cottages.
Considering the problems in Europe and in the States, Canada is a great place to be right now.
OTTAWA – November 15, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity picked up a little further in October 2011 following the uptick in September.
- Sales activity rose in October, marking the highest level since January.
- The number of newly listed homes remained little changed from levels in the previous three months.
Homes sold through MLS® Systems of real estate Boards and Associations in Canada rose 1.2 per cent in October 2011 from the previous month. While national sales activity levels are still best described as average, the monthly rise in October sales built on the 2.5 per cent gain in September, and lifted activity to the highest level since January.
Just over half of all local markets posted monthly sales increases, led by gains in Montreal, Toronto, and Vancouver.
The actual (not seasonally adjusted) national average price for homes sold in October 2011 stood at $362,899. This is up 5.5 per cent from October 2010, making it the smallest increase since January.