Canadian home sales edge higher in October

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity
edged higher on a month-over-month basis in October 2014.

National home sales rose 0.7% from September to October.
Actual (not seasonally adjusted) activity stood 7% above October 2013 levels.
The number of newly listed homes rose 0.8% from September to October.
The Canadian housing market remains balanced.
The MLS Home Price Index (HPI) rose 5.5% year-over-year in October.
The national average sale price rose 7.1% on a year-over-year basis in October.

The number of home sales processed through the MLS Systems of Canadian real estate Boards and Associations edged up 0.7 per cent in October 2014 compared to September. This marks the sixth consecutive month of
stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009.

“Low interest rates continued to support sales in some of Canada’s more active and expensive urban housing markets and factored into the monthly increase for national sales,” said CREA President Beth Crosbie. “Even so, sales did not increase in many local markets in Canada, which shows that national and local housing market trends can be very different. All real estate is local and your REALTOR is your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”

“While the strength of national sales activity is far from being a Canada-wide phenomenon, it extends beyond Vancouver,
Calgary and Toronto,” said Gregory Klump, CREA’s Chief Economist. “Sales in a number of B.C. markets have started
to recover from weaker demand over the past couple of years. They have also been improving across much of Alberta,
where interprovincial migration and international immigration are reaching new heights.”

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