Home resales hit yet another record in December

Sales of existing homes in Canada rose by 7.2 percent between November and December to set another new all-time record, according to the Canadian Real Estate Association.

The seasonally adjusted activity was running at an annualized pace of 714,516 units in December – the first time on record the monthly SAAR has ever topped the 700,000 mark. The month-over-month increase in national sales activity was driven by gains of more than 20 percent in the Greater Toronto Area and Greater Vancouver. Actual (not seasonally adjusted) sales activity posted a 47.2 percent yearly gain in December – the largest year-over-year increase in monthly sales in 11 years.