Sales of existing homes were up 73 per cent, price gained 19 per cent

catty

Let's go for a big house.

1 m0 T1 W! V9 @* S" ESales of existing homes were up 73 per cent in November compared to last year's level, the Canadian Real Estate Association said Tuesday.

A total of 36,383 residential properties traded hands via the association's Multiple Listing Service of homes for sale. That was only 0.4 per cent off of the all-time high for November sales activity that was set in 2007.
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: d' d+ q" r, {! N6 LThe national average price of an existing home rose to more than $337,000, the Canadian Real Estate Association reports. (Geoff Howe/Canadian Press)
. X! V8 y$ J, ~4 ^New monthly sales records were set in Ontario and Quebec.

3 W2 n) w( k0 ~: }The national average price gained 19 per cent compared to November 2008, at $337,231, the CREA said Tuesday. Year to date, the average price rose 4.4 per cent compared to the same period last year.
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But the average price in Canada’s major markets was up 20 per cent year-over-year, to $368,665.

4 f+ ?. O1 E6 Z  M( qNationally, the average price in November edged back from the peak reached in October.
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Boost in new listing
Strong demand and price increases appear to be drawing more sellers into the market. New listings on the MLS system rose five per cent on a month-over-month basis in November to 69,110 units, the biggest monthly increase since January 2008.

But the surge in new listings hasn't pushed inventories higher, as much of the new housing stock is being gobbled up by buyers eagers to capitalize on record low interest rates.

There were 183,710 homes listed for sale on MLS at the end of November 2009. This is down 23 per cent from levels reported one year ago, and the seventh month in a row in which inventories have declined from year-ago levels. An increase is normal at this time of year, since demand tends to ease relative to supply over autumn and winter months.

Nationally, there were four months of inventory in November 2009 on a seasonally adjusted basis, the lowest level in more than two years.
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Since the beginning of 2009, some 437,507 homes have been sold on the MLS system.