North American stocks rose in early trading Monday after the Greek parliament approved a massive austerity package needed to secure a 130-billion euro ($172-billion) bailout from the European Union and International Monetary Fund.

Shortly after the open, the S&P/TSX composite index in Toronto was up 44.74 points, or 0.36%, to 12,434.18.

In the U.S., the Dow Jones industrial average was ahead 65.54 points, or 0.51%, to 12,866.77 and the Nasdaq composite index was up 21.18 points, or 0.73%, to 2,925.06.

Despite approval of the Greek austerity plan, the country still faces obstacles to actually receiving the bailout funds. The government must now explain how it plans to make 325 million euros in cuts needed to avoid defaulting on March 20 on bond repayments totalling 14.5 billion euros.

“People were losing patience with Greece. In the end they got their act together and it’s definitely a positive,” Markus Huber, head of German sales trading at ETX Capital, told Reuters.

Still, eurozone finance ministers will meet on Wednesday to decide on whether to approve the aid package.

On the commodities market, crude oil in New York was up $1.60 US to $100.27 US a barrel, while gold fell $2.30 US to $1,722.90 US an ounce.

The Canadian dollar was trading at $1.0013 US early Monday, up 41 basis points from Friday’s close.

Ahead of the market open, Canada Mortgage and Housing Corp. said the country’s housing market will remain steady this year and through 2013, with home prices expected to rise moderately. Housing starts will total 190,000 units in 2012 and 193,800 units next year, according to the government agency. Sales will amount to about 457,300 units this year 468,200 units in 2013, it said.

Meanwhile, overseas markets were also higher on Monday following the Greek austerity vote. In Europe, London’s FTSE was up 122.62 points, or 0.75%, to 16,483.66 at midday. Frankfurt’s DAX was ahead 50.33 points, or 0.73%, to 6,743.29 and the Paris CAC had gained 15.18 points, or 0.45%, to 3,388.32.

In Asia, Tokyo’s Nikkei index closed up 52.01 points, or 0.58%, to 8,999.18. In Hong Kong, the Hang Seng index finished at 20,887.40, up 103.54 points, or 0.50%.

On Friday, the S&P/TSX fell 108.52 points, or 0.87% on Friday, to close at 12,389.42. It ended the week down 1.5% — the first weekly decline since early December.

The Dow Jones lost 89.23 points, or 0.61%, to 12,801.23, and the Nasdaq slipped 23.35 points, or 0.80%, to 2,903.88.