Canada Home Resales Rise for First Time in 3 Months – BusinessWeek #Toronto #Ottawa #Realestate #Money #Business #Finance #real_estate

Canada Home Resales Rise for First Time in 3 Months (Update1)

April 15, 2010, 10:17 AM EDT

(Adds prices in second paragraph.)

By Greg Quinn

April 15 (Bloomberg) — Canadian existing home sales rose for the first time in three months in March and prices remained close to a record high, a realtor group said.

The Canadian Real Estate Association said sales rose 1.4 percent to 43,621 on a seasonally adjusted basis, according to a statement from Ottawa today. The average price was C$340,920 ($341,300), 18 percent higher than a year earlier and C$300 less than the record high set in October.

The housing market is becoming more “balanced” with a record 233,402 homes listed for sale in the first three months of this year, the group said. A rise in mortgage rates may also slow price gains later this year, Gregory Klump, the group’s chief economist, said in the report.

The rise in homes listed for sale “will take the steam out of the pricing environment following upbeat home sales this spring,” Klump said.

Some of the cheapest mortgage rates in decades have sparked demand for Canadian homes, helping the country’s economy recover from its first recession since 1992. The Bank of Canada’s key rate has been at a record low of 0.25 percent since last April.

Canadian Imperial Bank of Commerce and other Canadian lenders increased their five-year fixed mortgage rates twice in the last two weeks to reflect higher financing costs.

–Editors: Paul Badertscher,

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Christopher Wellisz at cwellisz@bloomberg.net

Posted via web from Toronto Real Estate News, Blog

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One Response to Canada Home Resales Rise for First Time in 3 Months – BusinessWeek #Toronto #Ottawa #Realestate #Money #Business #Finance #real_estate

  1. Pingback: Canada Home Resales Rise for First Time in 3 Months – BusinessWeek … Card on me

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