Residential property sales on the rise in Canada

Residential property sales in Canada rose by 2.8 per cent in August, new figures show.

According to propertywire.com, housing activity in Canada is up 11.1 per cent compared to the same period last year, say figures from the Canadian Real Estate Association (CREA).

The average house price has also risen and is up eight per cent from last year, meaning the average home is now worth $378,369. CREA's chief economist, Gregory Klump, wasn't surprised by the sharp increase.

"Sales activity dropped sharply around this time last year in the wake of tightened mortgage rules and has improved since then, so a sizeable year on year increase this August was expected," he said.

Greater Vancouver in particular has seen a big surge in sales, with activity up 63.8 per cent in September, reports theglobeandmail.com.

The Real Estate Board of Greater Vancouver said these figures equate to 2,483 homes sold, compared to 1,516 sales in the same period last year.

Board president-elect, Ray Harris, commented: "There is a lot more confidence in the Vancouver market now."

This increase in activity marks the fifth month in a row that Greater Vancouver has benefited from a year on year gain in monthly sales.

Other Canadian markets performing well include Vancouver Island, Victoria, the Fraser Valley, Calgary, Edmonton and Greater Toronto.

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