Newspaper article The Canadian Press

Sales of Homes in December Up 10 per Cent from Same Month Last Year

Newspaper article The Canadian Press

Sales of Homes in December Up 10 per Cent from Same Month Last Year

Article excerpt

December home sales up from last year

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OTTAWA - Sales of existing homes rose 10 per cent in December compared to the same month the previous year, the Canadian Real Estate Association said Friday.

The national average price for a home sold last month was $454,342, up 12.0 per cent from a year ago, boosted by gains in the Vancouver and Toronto regions.

Excluding Greater Vancouver and Greater Toronto, the average price was $336,994, up 5.4 per cent from a year ago.

Sal Guatieri, senior economist at BMO Capital Markets, says that with the possibility of a further interest rate cut from the Bank of Canada on the horizon, the red-hot real estate markets in Vancouver and Toronto are unlikely to see a significant pullback. …

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