MLS sales in Calgary increased by 22.1 per cent in August when compared with sales a year ago. This substantial year-over-year rise outpaced the growth rate of the rest of the country’s MLS sales.
The Canadian Real Estate Association said today that Calgary boasted an impressive 1,907 MLS sales for all residential properties during the month, with an average price of $394,251, up 2.2 per cent from last year.
In Canada, 39,542 sales were recorded, a figure that’s 15.8 per cent higher than August 2010’s nationwide total. The national average sale price of a home was $349,916, up 7.7 per cent.
“The housing market in Canada remained on a firm footing in August when compared to volatile financial markets,” said Gary Morse, CREA’s president. He also noted that homebuyers are showing confidence about the Canadian housing market’s stability and believe that the low interest rates represent a good opportunity to purchase a home.
CREA’s chief economist, Gregory Klump added that global economic and financial currents are keeping interest rates lower in Canada. He believes that the economic and financial market “headwinds” in the US and Europe give the Bank of Canada a reason to delay raising interest rates. The low interest rates, of course, support the Canadian housing market.
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