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Updated December 17th, 2018
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Canadian home sales edge up in October, but prices fall amid mortgage rule changes

Financial Post ~ November 15th, 2017

OTTAWA — Resales of Canadian homes rose 0.9 per cent in October from September, but prices declined in the month and tighter mortgage rules will likely put more pressure on Canada’s once-booming housing market, separate reports showed on Wednesday.

The Canadian Real Estate Association said resales edged higher for a third straight month in October as the market stabilized after a series of mortgage rule changes and a foreign buyers’ tax in Toronto doused demand in spring and summer.

Actual sales, not seasonally adjusted, fell 4.3 per cent from October 2016, while home prices were up 9.7 per cent from a year earlier, according to the industry group.

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