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According to statistics released by The Canadian Real Estate Association (CREA), existing home sales activity remained strong in November 2009. The current strength of housing demand stands in sharp contrast to weak activity that occured one year ago.
In November 2009 a total of 36,383 residential properties were traded via the Multiple Listing Service® (MLS®) of Canadian real estate boards. This is up 73 per cent from last year. Since the beginning of 2009, there have been 437,507 homes sold through Canadian MLS® Systems. This is up 5% from activity in the first 11 months of 2008, but this is still below levels for the period in each of the previous three years.
The national residential average price was $337,231 in November, up 19% over one year ago. For the year-to-date, the average price is up 4.4% in comparison to the same period last year. The year-over-year increase in November reflects the high degree to which the average was skewed downward last year by decreasing activity in Canada’s highest priced markets, and then upward when activity rebounded.
More sellers are returning back to the market due to the return of strong demand and headline average price gains. New listings coming onto Boards’ MLS® Systems across Canada have increased 5% on a month-over-month basis rising to 69,110 units in November, making this the biggest monthly increase since January 2008.
Statistics and Information courtesy of CREA.