Canada Home Re-Sales Increase the Most in Five Years
By Greg Quinn
May 14 (Bloomberg) -- Canadian sales of existing homes rose the most in more than five years in April, a realtor group said, citing lower prices and a rebound in consumer confidence.
Sales rose 11 percent from the previous month on a seasonally adjusted basis to 34,838 units, the Canadian Real Estate Association said today in a statement from Ottawa. The average price fell 3.2 percent from a year earlier to C$306,366 ($261,330).
"Price adjustments in some markets have helped affordability," Dale Ripplinger, the group's president, said in the statement. Consumer confidence has also "risen in the housing market through the spring."
The housing market sagged late last year as the country entered its first recession since 1992, and the Bank of Canada says it will be a drag on the economy this year. Other recent reports have shown housing starts fell to the lowest since 1996 in April, while residential building permits rose 5 percent in March, according to Statistics Canada figures.
From a year ago, existing sales declined 12 percent, the real estate group's report today said. The pace of year-over- year decline has slowed from November's record 42 percent drop.
To contact the reporter on this story: Greg Quinn in Ottawa at firstname.lastname@example.org
Last Updated: May 14, 2009 12:36 EDT