Steve Ladurantaye
Published on Tuesday, Dec. 15, 2009 9:27AM EST Last updated on Tuesday, Dec. 15, 2009 9:39AM EST
National home sales increased by 73 per cent in November from the trough seen a year ago, with Ontario and Quebec hitting new monthly records as buyers took advantage of record low interest
The national average
“The year-over-year increase in November continues to reflect the high degree to which the average was skewed downward last year by plummeting activity in Canada's priciest markets, and then upward by rebounding activity,” the association said in a statement.
CREA tracked 36,383 deals on its Multiple Listing Service in November. Crediting the housing
“National home sales activity last month shows how strongly the housing market has rebounded since the beginning of the year,” he said.
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About 437,507 homes have been sold through the CREA-owned MLS system so far this year, up 5 per cent from last year at the same time, but lower than the previous three years.
One of the main drivers of price increases has been a lack of supply, but higher prices are beginning to draw more sellers into the market. Seasonally adjusted new listings rose 5 per cent from October, to 69,110, in the largest gain since January 2008. There is still a dearth of supply however, with the number of homes for sale 23 per cent lower than they were a year ago.
The association's economist, Gregory Klump, said as prices climb higher, would-be buyers may put off purchases, cooling off a hot market. Higher interest
“Deteriorating housing affordability will rein in sales activity as the overall economy further improves and the pool of buyers who qualify for financing shrinks,” he said.
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