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Home For Sale.

Canada: Home resale prices rose to their highest average on record in May 2009,as comsumer confidence strenghthened,sales activity climbed for the fourth straight months,according to an industray report,released on Monday.

The Canadian Real Estate Association said in a report,that “rebounding sales in some of the most expensive markets, shewed the national average”.

 Last month the average home price rose o.4 percent, to CDN $319.557 ($282.971) since May last year, it was the first year over year increase , topping the previous record set a year ago.

CERA: said “The average price has recovered 16.4 percent, from the low reached in January”.

May from Aprial , the fourth consecutive monthly increase on a seasonally adjusted basis, home sales rose 8 precent to 37,649 units,nationally49,521 units in May, down 0.8 percent from a year ago.

CREA: said, “new records were posted in only 15 percent of local markets in May, none of which are among the most active or expensive”.

Not prices, but strong rebound in sales activity in Canada’s most expensive markets is driving up average prices nationally, and in some province just as a sharp decline in activity in these markets, pushed average prices lower in the late 2008.

In five markets, double digit increases were reported, mostly in the western provinices of Alberta, and British Columbia,of the 25 major markets that CREA trackes , 14 reported increases in sales year over year.

The hights increase was in Newfoundland and Labrador,up 17.3 percent, and 12.1 percent Saint John New Brunswick, prices incresed in 14 markets.

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