Canada's real estate market is in full recovery mode
Canada's Realtors produced another strong month of sales and prices in September, with gains in most major markets in a sign of strength for the nation's housing market.
The number of units sold rose 0.6% last month, extending a recent increase in activity that has seen transactions jump 16% from a year ago, the Canadian Real Estate Association said Tuesday.
Benchmark home prices rose 0.5% in September, and are up 2.3% over the past four months. Markets in British Columbia led gains in both sales and prices last month, with the country's oil-producing regions the only ones showing any weakness.
The report is in line with other recent indicators that suggest housing has fully recovered from a slump earlier this year, helped by falling mortgage rates. The run of robust housing data gives the Bank of Canada another reason — along with strong job gains — to hold interest rates steady, even as counterparts around the world tilt toward easing policy.
"Home sales activity and prices are improving after having weakened significantly in a number of housing markets," Gregory Klump, chief economist at the Ottawa-based realtor group, said in a statement. "How long the current rebound continues depends on economic growth, which is being subdued by trade and business investment uncertainties."