Low interest rates, buyer confidence keep Canada property strong

Published 18th Jul 2011

Home sales in Canada continue to grow as attractive interest rates and a booming economy lure more buyers to market, according to the latest statistics from the Canadian Real Estate Association.

The CREA's June figures saw non seasonally adjusted home sales soaring upwards by 10.8% compared to last June's figures. Local home sales were up in two-thirds of the major markets across the country, with a nationwide listings-to-sales ratio of 52% making Canada's real estate sector very much a seller's market.

"The Canadian housing sector remains on strong footing", said Gregory Klump, chief economist at the CREA. "The rise in monthly home sales activity at the end of the second quarter, upbeat business sentiment and hiring intentions, and signs that the Bank of Canada is in no rush to increase interest rates bode well for home sales activity and prices going into the second half of 2011."

Source: ' TMC '

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