Real Estate Market Hits Record Highs

As confirmed by official figures shared by the Canadian Real Estate Association on Friday, sales of residential properties across the country hiked by a whopping 72% during the month of December, as compared to the same month in 2008.

Total number of units sold for the month stood at 46,805, and prices, on the other hand, gained about 19% to an average of $337,410.

The month managed to cap the strongest quarter ever recorded, with a 59% hike in sales as compared to the past year.

Overall, in 2009, the national average cost of residential properties climbed 5% to a record high of $320,333.

“It is simply amazing to think that we saw any increase in prices at all in the teeth of one of the worst recessions Canada”, said Douglas Porter, Deputy Chief Economist with BMO.

According to the CREA, the tend is set to continue into the coming times, more-so on the back of a better economy.

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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