Canadian home sales remain flat

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Canadian home sales remained mostly flat in November compared to October, but were up 5.9 percent from a year ago, The Canadian Real Estate Association (CREA) reported.

“National sales activity in November stood 3.4 percent below the peak reached in September, providing further evidence that activity in the later summer and early fall was likely boosted by homebuyers with preapproved mortgages at lower-than-current interest rates jumping into the market before their preapprovals expired,” the trade group said in a statement.

The number of newly listed homes also increased 1.8 percent month over month in November, representing a supply of homes that would take six months to sell, the same level as the previous month.

Meanwhile, the MLS Home Price Index (HPI) edged up 0.3 percent month over month in November, and was up 4.1 percent year over year.

Source: CREA

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