Home resales decline again in November

OTTAWA — Sales of existing Canadian homes fell by 2.3% in November 2018, according to the Canadian Real Estate Association, adding to the decline in October of 1.7%. While the number of homes trading hands is still up from its low point in the spring, it remains below monthly levels posted from 2014 through 2017. Transactions declined in just over half of all local markets, with lower activity in the Greater Toronto Area, the Greater Vancouver Area and Hamilton-Burlington offsetting increased sales in Edmonton. Actual (not seasonally adjusted) activity was down 12.6% year-over-year and came in below the 10-year average for the month of November. Sales were down from year-ago levels in three-quarters of all local markets.