A report from the Canadian Real Estate Association ( CREA )  show Canadian Home resales posted their biggest year-over-year gain in two years and rose for the sixth straight month.

Home sales reached 50,270 in July, up 18.2 per cent from July 2008. This was the first time sales topped 50,000 units in July and this number was 3.9 per cent above the previous July record set in 2007.

Consumers now appear encouraged that the recession is over and low mortgage rates are also encouraging them to return to the Real Estate Markets across Canada.

The average resale price in July rose 7.6 per cent, $326.832 ($299,846) however some of Canada's more expensive Real Estate Markets like Vancouver and Toronto are distorting the national average upward.