Home sales across Canada soared in June, up 17.9 per cent from one year ago to 54,416The Canadian Real Estate Association also reported that the national average sale price reached new heights on a monthly basis, rising 3.6 per cent year over year.
Canada's rebound in the housing market took a lot of analysts by surprise making this market an economic record for 2009.
Lower mortgage rates contributed to the current real estate boom with buyers locking in 5 year rates. Lack of inventory and a small bump in real estate demand put pressure on prices as well.
The Canadian Real Estate Association has a forecast of a 5.2 per cent decrease in the price of homes in 2009 compared with 2008 but based on the current conditions now expect home sales in the second half to exceed the first half of 2009.
Demand in both the Toronto Real Estate Market and the Vancouver Real Estate Market is contributing to higher resale numbers for the entire country.
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