Home resales edge up in December

Sales of existing Canadian homes rose by 1.3 percent between November and December 2022, according to the Canadian Real Estate Association. Gains were led by Ottawa and Edmonton. The actual (not seasonally adjusted) number of transactions in December came in 39.1 percent below a near-record for that month the previous year. The number of newly listed homes dropped 6.4 percent on a month-over-month basis, led by declines in British Columbia and Quebec. It was among the lowest December new supply levels on record.