(Source: Bloomberg)

Canadian sales of existing homes rose for a fourth month in May, a realtor group said, citing low interest rates and increasing consumer confidence.

Sales rose 8 percent from the previous month on a seasonally adjusted basis to 37,649 units, the Canadian Real Estate Association said today in a statement from Ottawa. The value of sales increased 9.9 percent during the month to C$11.4 billion ($10.1 billion).

“Sales activity is now closer to the pre-recession peak than it is to the recent low point reached last January,” Dale Ripplinger, president of the group, said in an e-mailed statement. “Strengthening consumer confidence, low interest rates, and improved affordability are drawing buyers to the housing market across Canada.”

Read Theophilos Argitis’ full article “Canada Existing Home Sales Rose 8% in May From April” in Bloomberg (June 15, 2009).

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