Existing homes sales soar in June, up 17.9% from year ago to 54,416

(Source: The Toronto Star)

Canadian existing homes sales soared in June, up 17.9 per cent year over year to 54,416 units, according to the Canadian Real Estate Association in a report released yesterday

The national average sale price also reached new heights on a monthly basis, climbing 3.6 per cent year over year to $326,613.

On a quarterly basis, sales in the second quarter were up 1.4 per cent, marking the first year-over-year increase in such activity since 2007.

The solid numbers beat consensus estimates by analysts and took some market watchers by surprise.

“Canada’s housing market looks to have managed the equivalent of the great escape from the clutches of a lengthy, painful downturn,” said BMO Capital Markets economist Doug Porter. “The rapid fire rebound in Canada’s housing market is the most astonishing economic development of 2009.”

Read Tony Wong’s full article “Average house prices rise” in the Toronto Star (July 15, 2009).

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