Canadian Real Estate Association (CREA) reports existing home sales climb to highest level of any third quarter on record…135,182 sales from July to September, up 18 per cent from the year prior…National average prices up 11 percent to $327,736 in third quarter…economists scratching their heads as to how much longer this can continue…

When Daniel Austin sold his Markham town home in July, the chartered accountant was happy to get close to list price on the property, which sold in one day. Then, he bought another home in Richmond Hill in September, after a “frustrating search” to avoid bidding wars.

Read the full article by Tony Wong “House prices surge 11% in third quarter” in the Toronto Star (Oct 16, 2009).

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