17 July 2009
Canada property sales rose for the fifth month in succession in June, according to the Canadian Real Estate Association (CREA).
Data from CREA shows that sales in June grew by 8.7% month-month to 41,304 residential units. Property prices also rose, with the average price of a home in Canada appreciating by 3.6% year-on-year, while the inventory of unsold residential properties fell to its lowest level since August 2007.
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%.
CREA research further show that new Canada home sales rose by 32% in Q2 of this year to 114,173 residential units, while the average time it takes to sell a property fell to 4.2 month in June, the lowest level since early 2007.
See Also: Marc Da-Silva (269), Canada (14), Mortgage (25), Overseas property investment news (34)
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