Existing home sales jump 18.5 per cent, while average prices rise 11.3 per cent from year ago
(Source: Globe and Mail)
At a time when the economy is still bruised from the recession, housing sales are riding high.
Sales of existing homes in August grew by a brisk 18.5 per cent from a year ago, data released by the Canadian Real Estate Association showed yesterday. The average price climbed 11.3 per cent from a year earlier.
On a monthly basis, however, there was a slight drop in sales from July to August, at a fraction of 1 per cent.
Still, with unemployment up to 8.7 per cent, and the spectre of deflation existing, how can housing sales enjoy such a boost?
Read Susan Krashinsky’s full article “Housing sales, prices surge in August” in the Globe and Mail (September 16, 2009).