Canadian home sales and prices edge up

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Canadian home sales and prices edged up in September, as supply slipped, according to The Canadian Real Estate Association (CREA).

“Year-over-year increases in the sales over the past couple of months highlights how activity softened across much of the country following the introduction of tighter mortgage rules last summer,” said CREA Chief Economist Gregory Klump.

Home sales rose 0.8 percent month over month in September and were up 18.2 percent (not seasonally adjusted) from a year before, CREA reported.

During the same period, the number of for-sale homes decreased by 1.4 percent month over month, as the MLS Home Price Index (HPI) increased 3.1 percent year over year.

Source: The Canadian Real Estate Association