As per a forecast report put forward by realtor Re/Max on Thursday, Canada's housing sector's gain will go on till next year, and the average prices of residential properties will rise to hit a new record high.

The current year, as per the report, is expected to record home sales of over 465,000 units, which would be a 7% increase compared to total sales for 2008. Home values, on the other hand, are expected to climb by around 5% to C$318,000. Around 65% of Canadian markets surveyed have put these figures forward.

"After one of the most difficult first quarters in Canadian housing history, the market miraculously changed course. Rising like the phoenix from the ashes, real estate activity across the country gained momentum", the report read.

According to experts, the high sales and improving housing sector of the country have been a direct result of low interest rates, a hike in consumer confidence and steadily improving economic conditions, and the same factors will together result in rising sales well into the coming year.

Re/Max has asserted that Western Canada would record the highest sales next year, with markets across Kelowna and Victoria in British Columbia and Calgary registering huge upswings.