According to the Canadian Real Estate Association (CREA), Canadian home re-sales rose to a record 46,450 units in November, as the housing market helped to pull the economy out of recession.

Seasonally adjusted sales in November climbed +67% from a year earlier, said the CREA. The average nationwide property price rose +19% from last year to C$337,231 ($317,700), the association said in a statement.

The Bank of Canada has predicted growth in housing investment will stay “brisk until early 2010”, and then slow as pent-up demand is satisfied and affordability declines. The bank lowered its benchmark lending rate to a record 0.25% in April to spur domestic demand and pledged to leave it there through June unless the inflation outlook changes.