#SpikeinCanada’sHomeSales; #FederalElectionCampaign; #CREA
Ottawa, Oct 16 (Canadian-Media): A 15.5 percent spike in Canada’s home sales in September compared with last year, and with record prices in Toronto and its surrounding suburbs with great affordability concerns have become the main focus in the federal election campaign, media reports said.
CREA. Image credit: Facebook page
After hitting a six-year low in February, Canada's home sales have grown for the seventh straight month mainly due to tougher mortgage requirements and a tax on foreign purchases of real estate in Vancouver and Toronto.
Canada's increase in sales activity follows corresponding increase in sales prices. The Canadian Real Estate Association (CREA)'s composite benchmark home price including detached houses, townhouses and condos, rose more than 1 percent to $629,200 in September, compared with last year.
Toronto region witnessed an increase of 21 percent in the sales growth and Vancouver area revealed 45 percent in sales, reported CREA.