Canadian home sales have grown by an unexpected 1.2 per cent in the first nine months of this year compared with last and economists now believe the housing market could close the year in a stronger position than it did in 2010.
Sales of existing homes rose 2.7 per cent in September compared with August, according to a report released Monday by the Canadian Real Estate Association. On a year-over-year basis, home sales in September were up 11 per cent from the same month in 2010.
The strong September activity drove the number of homes sold on CREA’s multiple listing service in the first nine months of 2011 to 361,749 compared with 357,305 for the 2010 period.
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