CRE firms in Canada are keeping their fingers crossed that statistics released last week by the Canadian Real Estate Association (CREA) signal that the housing market slump has hit bottom.
Home sales rose nationally in Canada by 1.3% in October, the first monthly gain since February. More importantly, the uptick happened across provinces, with about 60% of Canada's regional housing markets seeing an increase in sales and the first rise in new listings in four months.
The news was immediately embraced by the CRE community, with online realtor Zoocasa suggesting the data is sign that the Canadian real estate market has adjusted to the higher cost of borrowing, with buyers and sellers who are "sick of sitting on the sidelines" making their way back into the market, according to a report in the Vancouver Sun.
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