Resale Property leaps in Canada

The number of transactions jumped 73% to 36 383 for existing homes if we compare this month with the same period in 2008.

The sale also set records in Quebec and Ontario.

Since the beginning of the year, the resale rose 5% to the country, the biggest gains being registered in Ontario and British Columbia.

The average price for a house is $ 337 000 in November, a slight decrease compared to October. However, it is 19% above that a year ago. The stocks on the market also dropped from 23% last year.

"Residential sales in Canada last month showed how far the housing market has rebounded since the beginning of the year," says Dale Ripplinger, president of the Canadian Real Estate.

"As we predicted last April, says he, the upturn in the residential resale market has enabled all of the Canadian economy out of recession."

The recovery will by cons side effects, said Gregory Klump, chief economist of the association. "The houses become less affordable in the market as the overall economy improves, and the group of buyers who will be eligible for funding will be fewer."