Real estate in Canada: average resale prices, changes in new home prices ( 6/15/2011 )

The Canadian Real Estate Association says sales rose by 4.5 per cent in January, over figures tallied the month before. CREA notes that sales have advanced by 25 per cent over the low point reached in July 2010. The association says the recent mini-surge was expected after the federal government tightened mortgage rules.

Sellers returned to the market and — while the number of homes listed remains below average — there is little upward pressure on prices.

CREA expects sales numbers to remain fairly stable through the first half of 2011, but they could come under pressure when interest rates resume their expected climb in the second half of the new year.