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Canadian economy on the rise, figures reveal that real estate sector is booming, new report

September 2013, 17
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The revenue percentage of home sales in Canada is 11.1% higher after August 2013, which is better than previous year. This helps the Canadian Real Estate Association to increase its forecast for the number of homes being bought and sold this year.

Canada Economy

The expected estimate of selling around 443,400 this year was stated by the Canadian real estate association in the month of June. According to CREA, on August 2013 the sales of homes were an estimated 2.8% higher than July sales. Surprisingly the constant elevation of property sales percentage exemplifies how the strength of the market recoil is drawing attention of popular economist’s. Since finance minister Jim Flaherty constrained the mortgage insurance rules, the association had cut its forecast around three times in the face of a prolonged sales slump that set out in July 2013.

Though the evaluation is raised to its peak this year, but due to the mortgage insurance rules the forecast is 1% lower than the previous year. Only British Columbia and Albert have a high expectation of sales volume this year.

CREA has a strong belief that home price will increase with an expectation percentage of 3.6% to $376,300. As Vancouver is increasing average prices higher than expected, the association says that it could boost the markets.

In the month of August, the national average price stands at 8.1% higher than the previous year with a total of $376,300. The association said that the national average prices were up by only 4.8% if greater Toronto and greater Vancouver were not included.

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