Canada’s house market bounces back in mere eight months as U.S. continues to struggle…banks in Canada deserve credit for their conservative lending practices…
(Source: The Financial Post)
While the U.S. market has paid dearly for its real-estate bubble earlier this decade, with an almost three-year slowdown, Canada’s housing market is booming. The Canadian Real Estate Association said the average sale price of a home last month was $331,602, a 13.6% increase from a year ago. After bottoming out in January, it took just eight months for the market to bounce back, with sales activity in Canada up 63% from January.
Read Garry Marr’s full article “THE NEW REALTY” in the Financial Post (October 24, 2009).