Canada’s real market saw more signs of strength as new home prices during September were much higher than expected. The strong prices point towards the recovery which so many people are still reluctant to believe.
The housing price index rose a half a percent, the biggest monthly increase since 2008. The 0.5% gain in average home prices is on top of the 0.1% gain seen during August. Economists were only predicting a 0.2% increase for September home prices.
In Vancouver, prices were up over 1.4% from August. Ottawa-Gatineau, Calgary, Toronto, Oshawa, Ont., and Saskatoon regions all saw at least a 0.5% increase in average home prices.
Victoria, Edmonton, and parts of Ontario all saw decreases in home prices. Year-over-year numbers how that the price index was only 2.7% lower in September 2009, compared to the same month in 2008.
Even with the positive news, people are still worried about the state of the housing market because year-over-year numbers still show average prices down over 10% in certain areas, such as Edmonton and Victoria.
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