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Home sales bouncing back

Canadian home sales volume rose in October for the third month in a row as the market continued to rebound from a trough hit in July following months of revved up activity in early 2010 and late 2011.

Canadian home sales volume rose in October for the third month in a row as the market continued to rebound from a trough hit in July following months of revved up activity in early 2010 and late 2011.

The Canadian Real Estate Association (CREA) said home sales on its Multiple Listing Service climbed 4.6 per cent in October, following similar increases in August and September.

CREA said October’s gains are a further sign the market is returning to normal and is balanced, which means favouring neither buyers nor sellers. Prices were up slightly from October 2009 and from September of this year.

Housing market activity now sits 13.3 per cent above July levels, when it reached a low point for the year. Still, sales activity was 21.6 per cent below the record levels reported last October.

“National sales activity is now running almost halfway between the highs and lows posted between late 2008 and late 2009,” said Gregory Klump, CREA chief economist.

 
 
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