Canadian January Existing Home Sales Fall 4.5%, Realtor Group Says
Canadian existing home sales declined last month at the fastest pace since July 2010, the country’s main realtor group said.
Sales dropped 4.5 percent in January from December, the first decline in five months, the Canadian Real Estate Association said today from Ottawa. From a year earlier, the average resale price rose 1.2 percent to C$348,178 ($349,500) and sales increased 4 percent, the slowest pace since May 2011.
The housing market will be “steady” this year with moderate economic growth and low mortgage rates, the federal housing agency said in a Feb. 13 forecast. Finance Minister Jim Flaherty tightened mortgage rules last year on concern that some households were taking on debts they wouldn’t be able to afford when interest rates rise.
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net
To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net
Rate this Page