Home resales edge up in November

OTTAWA ― Sales of existing Canadian homes inched up by 0.6% in November, according to the Canadian Real Estate Association. With this ninth straight monthly gain, activity stands 20% above the six-year low reached in February 2019 but 6% to 7% below heights recorded in 2016 and 2017. There was an almost even split between the number of local markets where activity rose and those where it declined. Higher sales across much of British Columbia and in the Greater Toronto Area offset a decline in activity in Calgary. Actual (not seasonally adjusted) activity was up 11.3% year-over-year in November. Transactions surpassed year-ago levels in almost all of Canada’s largest urban markets.