Home resales edge higher in March

OTTAWA ― Canadian home resales rose by 0.9% in March after a sharp decline in February, according to new data from the Canadian Real Estate Association, leaving activity near some of the lowest levels recorded in the last six years. Actual (not seasonally adjusted) sales activity fell 4.6% year over year to the weakest level for the month since 2013. It was also almost 12% below the 10-year average for March. There was an even split between the number of markets where sales rose from the previous month and those where they waned. Among Canada’s larger cities, activity improved in Victoria, the Greater Toronto Area, Oakville-Milton and Ottawa, while it declined in Greater Vancouver, Edmonton, Regina, Saskatoon, London and St. Thomas, Sudbury and Quebec City.