(Source: Calgary Herald)

The rebound in resale housing activity in Canada is being led by an increase in transactions in some of the most expensive markets in the country, which is skewing the national average price upward, says the Canadian Real Estate Association.

According to statistics released today, MLS sales of Canadian real estate boards totaled 49,521 units in May – less than one per cent below activity in the same month one year ago. The association said year-over-year declines have been shrinking since the beginning of the year.

In Calgary, sales increased by 11.3 per cent from May 2008 to 2,624 units while the year-over-year average sale price fell by 8.7 per cent to $382,632. New listings dropped by 32.2 per cent to 4,125 units for the month.

Read Mario Toneguzzi’s full article “Canada’s housing rebound led by expensive communities: CREA” in the Calgary Herald (June 15, 2009).

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