CREA says January existing home sales rose 58 per cent from a year earlier

The Canadian Press ~ The News
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Ottawa - Canadian home resales made a rebound last month and lifted from the lowest levels in a decade set a year earlier in January 2009.

The Canadian Real Estate Association says 25,671 homes were sold across the country in January.

Thats up 58 per cent from the same month in 2008, when the global credit crunch pounded consumer confidence and dried up buying and lending activity.

The national average price for homes listed on CREAs Multiple Listing Service was $328,537, up 19.6 per cent from a year ago.

However, compared month-over-month, seasonally adjusted home sales were down 2.8 per cent from the strong levels reported in December.

Nearly half of the drop was linked to a slowdown in housing sales in Ontario.

Organizations: Canadian Real Estate Association, CREAs Multiple Listing Service

Geographic location: Ottawa, Ontario

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