Canadian Home Sales are up!

Home sales soared in April for the third month in a row, but the real estate market has not yet made up for all the lost momentum of the past year, the Canadian Real Estate Association says. Sales of homes in Canada, seasonally adjusted, jumped 11.2 per cent in April compared to March, the largest month-to-month increase in more than five years, CREA said. The gain compounds advances of 10.3 per cent in February and 7.7 per cent in March. Home sales volumes were a full 32 per cent above January's levels – the lowest levels in a decade. “Simply put, this was a very strong housing market report,” said Millan Mulraine, economics strategist at TD Securities. “It is suggesting that the worst of the correction in the Canadian housing market may be behind us, and that the housing sector may be on the mend.”