Nationally, Canadian existing-home sales increased 18.5 per cent in August compared with the same time last year, according to figures released yesterday by the Canadian Real Estate Association.
Existing home sales in the GTA rose 27 percent in August helping to boost Ontario sales. "Record-low borrowing costs combined with the growing realization that the economic storm is passing have fuelled the remarkable turnaround." says BMO Capital Markets economist, Doug Porter.
Porter also remarks that Canada's housing market has "fully escaped the clutches of a potentially lengthy, harsh downturn."
Read Tony Wong's full article "August sales heat up our housing market" in the Toronto Star (Sept. 16, 2009)
