Canadian home sales edge higher in February
According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity improved in February 2012 after having declined in January.
After a slow December and January, home sales showed significant improvement in the month of February, according to the latest reports from the Canadian Real Estate Association (CREA). These statistics should calm worries about an imbalanced housing market, and encourage those thinking about applying for their first mortgage.
Both home sales and newly listed homes increased from January to February, and sales activity compared with the same month in 2011 has risen 8.6%. Gary Morse, the President of CREA is confident that this sales activity will have a positive effect on both the Canadian economy and job market, creating over 159,000 jobs in 2012.
The average home price has seen an increase as well, approximately 2% above the same month in 2011. This is driven by the preference toward detatched single family homes, traditionally priced higher than the remainder of the market. These prices are not expected to have the same dramatic increase as this time last year, which was punctuated by a flurry of home sales in one of Vancouver's most expensive neighborhoods.
Read the full article from the CREA website here.