CTV reports the Canadian Real Estate Association (CREA) stated their members sold 10.8 per cent more homes last month compared with June 2010 and 2.6 per cent higher than in May 2011. CREA president Gary Morse said they are avoiding recession due to low interest rates, job growth, and home buyer confidence in the economy. Morse also noted that trends in local housing markets often differ from the national statistics. “The rise in monthly home sales activity at the end of the second quarter, upbeat business sentiment and hiring intentions, and signs that the Bank of Canada is in no rush to raise interest rates bode well for home sales activity and prices going into the second half of 2011.” CREA noted that Activity in Toronto was described as stable in June while it declined slightly in Vancouver and the Fraser Valley area of British Columbia. Calgary, Montreal, Ottawa, Hamilton, London, Ont., and Victoria all saw gains over May.
(photo courtesy of CTV)