Canadian property sales increase

Country:  Canada

20 October 2008

The volume of new listings of homes for sale in Canada have reached a high of over 80,000 units, with the provinces of Ontario, Quebec and Manitoba recording the most growth activity, although listing levels in Alberta have fallen, according to the Canadian Real Estate Association (CREA).

Sales levels had been falling month-on-month in the year to September 2008. But it now looks like homeowners’ are taking advantage of stable property prices, with Canada’s property market continuing to hold firm, despite the economic woes in neighbouring USA.

The Montreal Metropolitan region is leading the way in home sales, up 13% year-on-year, according to recent data.
 
“We’re fortunate in Canada to not be facing the same type of real estate situation as our neighbours to the south, Michael Beausejore, senior analyst at the Greater Montreal Real Estate Board, said. “In Canada, our real estate economic situation is much healthier due to the more stringent regulations governing the purchase of real estate, including that of careful credit analysis of potential buyers’.

However, the revival in the property market could be short lived, with a recession looming globally and nationally.

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