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Home sales in Canada up three per cent , recession to be over by mid of 2011 : CREA

Home sales in Canada were down 20 per cent in September from the record highs of last year in what the chief economist of Canada's main real estate industry group described Friday as a trend that will continue well into next year. The Canadian Real Estate Association (CREA) said Friday that 33,913 homes were sold in September, up three per cent from last month and the most since May. But sales were still significantly lower than the 42,431 recorded last September, when buyers flocked to the market as the economy showed signs of recovery from the recession. "They were pretty strong year-ago numbers, so that's to be expected," CREA's chief economist, Gregory Klump, said of the drop in comparative numbers. However, he noted that this September's sales reflected similar sales for the month in 2006, 2007 and 2008. Prices were little changed from last year at $331,089. Unfavourable year-over-year comparisons are expected to continue into the second quart