Sales of existing homes in Canada rose in October to the highest level since January and increasing 1.2 per cent from the previous month.

This has led to the Canadian Real Estate Association to boost its forecast for resale activity in 2011.

The association bumped up its forecast from 0.9 per cent to 1.4 per cent and now expects national sales of 453,300 for the year. That’s always the best kind of revision. We’ll take a boost over a decline any day!

According to CREA, a total of 397,561 units have been sold so far this year. This is up 1.8 per cent from levels in the first ten months of 2010.

To complement the CREA news, the Financial Post published a great story about Canada’s housing market boom today. Here’s a few of the salient points from the piece:

  • third-quarter sales activity in Ontario was stronger than forecast while the rest of the came generally matched expectations
  • CREA left its national average home price forecast basically unchanged at $362,700
  • the association also revised its 2012 forecast and predicts an easing of 0.5 per cent to 451,200 units
  • this boost is mostly due to expectations that Canada’s interest rates will stay low until well into 2012

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