Home resales rise for fifth consecutive month

OTTAWA — Sales of existing Canadian homes rose 3.5% in July, according to the Canadian Real Estate Association, making for the fifth monthly increase in a row. The increase puts home sales about 15% above the six-year low reached in February 2019 but still more than 10% below the highs reached in 2016 and 2017. Activity advanced in about 60% of all local markets. Actual (not seasonally adjusted) sales activity stood 12.6% above July 2018, with sales up in most of Canada’s largest markets.