Home resales up for second month

OTTAWA —National home sales recorded a second consecutive month-over-month increase in February 2016, according to statistics released by the Canadian Real Estate Association. The number of homes trading hands via Canadian MLS Systems rose by 0.8% in February 2016 compared to January. The monthly increase lifted national sales activity to the highest level since June 2007. A greater number of local housing markets posted a monthly decline in sales activity than posted a monthly increase; however, the latter accounted for a larger share of national transactions. The Greater Toronto Area, Okanagan Region and Fraser Valley made the largest contribution to the monthly increase in national sales activity, offsetting monthly sales declines in Edmonton, Greater Moncton and Montreal.