Despite the market in the U.S. Canada is holding it's own in the housing market!
Home sales poised for another gain
Bloomberg News · Nov. 12, 2011 | Last Updated: Nov. 12, 2011 4:10 AM ET
Canadian home sales in October may have recorded a sixth consecutive annual gain, led by increases in Toronto and Montreal, regional housing data show. October sales reported by 11 regional real estate boards show a 10% gain from a year earlier, according to data compiled by Bloomberg. Those 11 markets had recorded a 12% annual gain in September, according to data released last month by the Canadian Real Estate Association. Canada's real estate market has remained strong this year, with buyers taking advantage of historically low interest rates and available credit from banks, prompting Finance Minister Jim Flaherty to tighten mortgage rules in January. Home sales in Toronto rose 18% in October from a year earlier, according to data from the city's real estate board. The Montreal real estate board reported a 7.3% increase in sales in October from a year earlier. Vancouver recorded a 0.9% drop in sales from a year earlier in October, while Calgary sales were up 15%, regional board datashow.