According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity held steady in March 2011 compared to February. Sales of existing homes in Canada during the first quarter reached its highest level in a year due mostly to the voracious demand for houses in Vancouver and Toronto.
Recent changes to mortgage regulations may have caused a number of sales in some of Canada’s more expensive housing markets to be brought forward into the first quarter that would have otherwise occurred later in the year.
Strong sales in metro Vancouver market helped push the average home Prices across the country up 8.9% in March from a year earlier. If Vancouver is excluded from the equation, the national average price increase is cut by more than half to 4.3 per cent.
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