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Canada January Home Sales Hit Six-Year High Led by Vancouver

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Canadian existing home sales reached the highest in more than six years in January, a gain realtors attributed to Vancouver and Toronto buyers jumping into the market before new mortgage restrictions take effect.

The number of transactions rose 0.5 percent from December to 43,916, the Canadian Real Estate Association said Tuesday from Ottawa. Over the last 12 months sales climbed 8 percent and the average price by 17 percent to C$470,297 ($340,031), the fastest pace since March 2010.