June 23, 2009
Resale Prices Hit a New High
Did you know that resale prices for Canadian homes rose to their highest average on record in May? Sales activity climbed for a fourth straight month as consumer confidence strengthened, according to a recent report from the Canadian Real Estate Association (CREA). The average home price last month rose 0.4 percent to C$319,757. It was the first year-over-year increase since May last year. The average price has recovered 16.4 percent from the low reached in January, CREA said. “The strong rebound in sales activity in Canada’s most expensive markets is driving up average prices, just as a sharp decline in activity in these markets pushed average prices lower in late 2008,” said a CREA representative.
