Nationwide home resale figures for October have hit a record high leaping 41.5% year-over-year, according to figures from the Canadian Real Estate Association (CREA).

"Low interest rates and upbeat consumer confidence continue to release the pent-up demand that built late last year and earlier this year," said CREA president Dale Ripplinger. "The release of that pent-up demand has boosted national sales activity to new heights and is drawing down inventories."

Residential sales activity via the Multiple Listing Service® (MLS®) of Canadian real estate boards numbered 42,288 units.

This is up 41.5 per cent compared to October 2008, when news of the global financial crisis hammered consumer confidence. New records for the month were reported in about one-fifth of local markets, including Toronto, Montreal, and Ottawa.

"New listings are still expected to rise in the coming months in response to headline average price increases," said CREA chief economist Gregory Klump.

He added, "New supply dropped dramatically in December last year and earlier this year in response to a difficult pricing environment. Sellers who moved to the sidelines should be drawn back to the market as prices rise further over the rest of the year and in early 2010."