The Canadian Real Estate Association (CREA) is claiming a Canadian home sales record has been broken as real estate boards across the country reported more than 50,000 home sales for the first time during any July on record.
According to statistics released by The Canadian Real Estate Association (CREA), a total of 50,270 homes traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in July 2009. This is up 18.2 per cent from the same month last year, and stands 3.9 per cent above the previous record for the month of July set back in 2007.
On a seasonally adjusted basis, national MLS® home sales posted a sixth consecutive month-over-month increase in July, climbing 2.5 per cent from June to reach 42,539 units. Seasonally adjusted activity now stands 61.2 per cent above the decade-low in January, and just 1.4 per cent below the all-time peak May 2007.
Similarly, the national average selling price moved up rising 7.6% over the same month last year while CREA warns that a sharp rebound in demand experienced “in some of Canada’s most expensive markets is skewing the national average price upward, just as a sharp decline in activity in these markets skewed the average lower in late 2008.”
The complete media release and a detailed overview of the statistics from major markets across the country can be found here.
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