November 20, 2009
TD Economics Resale Housing Outlook - October 7, 2009
Housing Markets Rebound Sharply, Sidestepping The Worst
No other Canadian economic indicator has rebounded as sharply as sales of existing homes over the last few months. After plummeting by nearly a third in the second half of last year, the seasonally adjusted level of sales had climbed back by 61 per cent as of August. Not even the 50 percent S&P/TSX rally since March can match such a robust recovery. The fact is that existing home sales have more than recovered; they now exceed pre-recession levels and match the lofty sales volumes of 2007. All of this occured in the midst of a recession guaged to be severe by most any other standard.
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Rhia Bachynski
RE/MAX of Western Canada