April 15 (Bloomberg) -- Canadian existing home sales rose 2.4 percent in March from the previous month on gains in Vancouver and Toronto, a realtor group said.
Sales increased to 36,127 units from 35,297 in February, the Canadian Real Estate Association said in a statement from Ottawa today. Vancouver sales rose 10.9 percent to 2,059 units, while sales in Toronto advanced 1.8 percent to 6,988 units.
Canada’s housing market has been supported by some of the lowest mortgage rates on record. Bank of Canada Governor Mark Carney last month softened language about the need to raise the central bank’s 1 percent policy interest rate, partly on evidence the housing boom is slowing.
Sales dropped 15.3 percent in March from a year earlier, CREA said. The average price rose 2.5 percent to C$378,532 ($371,164) on a non-seasonally adjusted basis, according to the report.
“Home sales have taken a big step back since last spring but prices are holding up,” BMO Capital Markets chief economist Doug Porter said in a research note today from Toronto. “The market remains relatively balanced, albeit with a distinct fade.”
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