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Canada property news: Economy is improving



Country:  Bulgaria

4 September 2009

An improvement in the Canada property sector helped the country’s economy grow by 0.1% in June, the first monthly increase since July last year, according to Statistics Canada.

Research shows that the market has improved on the back of greater Canadian property sales, a clear indication that the housing market is improving, and that demand for property in Canada for sale is increasing.

Figures compiled by the Canadian Real Estate Association reveal that Canada property sales rose for the fifth month in succession in June, up 8.7% month-month to 41,304 residential units.

The improved Canadian property market data suggests that record low mortgage borrowing costs are successfully driving residential demand. The Bank of Canada has cut its interest rate to just 0.25%.

However, many experts expect any potential recovery in the Canadian economy to be slow, due to a cut-back in consumer spending and the fact that many sectors are still contracting.


See Also:   Canada, Marc Da-Silva, Overseas property investor news


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