After hitting rough patches throughout fall and winter, the Canadian real estate market appears to be on the mend. This past April, the number of existing homes that changed hands rose for the third month in a row. Nearly 35,000 homes across Canada were sold in April, an 11.2 per cent increase over the previous month.
Prices haven’t yet recovered from the economic swoon—they’re down 3.2 per cent from a year ago—but analysts say that may have something to do with the apparent rebound. “So far,” says TD Bank economist Paul Gauthier, “the first four months of 2009 lends credence to the view that improved affordability is winning out against the weak economic backdrop of a recession.” Coupled with interest rates hitting all-time lows, buyers appear to be cautiously dipping into a market that, just a few months ago, looked like it might implode.
Click below to see what’s available in some of Canada’s largest markets.