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Real Estate News: Canadian Home Resales Climbed to Record in October ’09

November 30, 2009

  Canadian home resales rose to a record in October, as low mortgage rates fed a rebound in consumer confidence, a realtor group said.

 Sales rose 5.1 percent to 45,818 units in October on a seasonally adjusted basis, Canadian Real Estate Association Chief Economist Gregory Klump said in a telephone interview. That is 2 percent more than the previous record set in May 2007, and 74 percent above a recent low in January, the group said in a statement from Ottawa.

 “Low interest rates and upbeat consumer confidence continue to release the pent-up demand that built late last year and earlier this year,” CREA President Dale Ripplinger said in the statement.

 Canada’s five-year mortgage rate was 5.49 percent in the first week of October, near the 58-year low of 5.25 percent set in April. The country’s central bank (Bank of Canada) said in late July that the country’s first recession since 1992 had ended.

 Sales records were set in British Columbia, Ontario and Quebec, the report said. The average nationwide price also rose to a record C$341,079 ($326,500), 21 percent higher than a year earlier. 

Source: Bloomberg.com

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net.

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