Canadian property sales mirror global trend
Canadian property sales soared by 73 per cent in November – with transactions reaching levels just below record highs.
The dramatic revival in the country's property sector was lead by British Columbia and Ontario, new figures show.
According to the Canadian Real Estate Association (CREA), a total of 36,383 properties changed hands last month.
The property growth figure is just 0.4 per cent below the monthly record, which was set in 2007 – good news for investment property professionals in the country.
In British Columbia, a year-on-year gain of 165 per cent was made, while Ontario saw sales climb by 77 per cent.
CREA president Dale Ripplinger said: "Sales activity last month shows how strongly the housing market has rebounded since the beginning of the year."
"As we predicted last April, the rebound in resale housing activity led the overall Canadian economy out of recession," he added.
The revival in Canadian transactions comes after the Knight Frank House Price Index showed 70 per cent of countries around the globe have experienced growth in property prices.
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