Home resales decline sharply in March

OTTAWA — Sales of existing homes in Canada fell by 14.3 percent in March compared to February, according to data from the Canadian Real Estate Association. The economic turmoil surrounding the COVID-19 pandemic caused both buyers and sellers to increasingly retreat to the sidelines over the second half of the month. Actual (not seasonally adjusted) sales activity was still running 7.8 percent above a quiet March in 2019, although that was a considerable slowdown compared to the year-over-year gain of almost 30 percent recorded in February.