Sales of existing homes set quarterly record in third quarter

2003-10-15 · Les Twarog & Sonja Pedersen

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OTTAWA (CP) - Sales of existing homes by MLS realtors in 25 major markets set a quarterly record in the third quarter of this year, the Canadian Real Estate Association says.

Third-quarter sales surpassed by 5.2 per cent a previous record set in the first quarter of 2002, and were 14.5 per cent higher than in the second quarter of this year.

The average price of $228,287 in 25 major markets in September also set a record, the association said Wednesday in a statement.

Sales by agents on the multiple listing service rose by 2.3 per cent to 27,580 units in September from 26,962 in August on a seasonally adjusted basis.

Pierre Beauchamp, CEO of the association, said "full-time job gains in construction, finance, insurance and real estate highlighted how strong housing activity continues to be a key support for economic growth."

The association reports twice a month on MLS home sales, once on sales in 25 major urban markets and then on all markets.