Home sales rebound in January

OTTAWA — National home sales on the MLS register edged up by 0.5% from December to January, according to the latest data from the Canadian Real Estate Association. The monthly increase lifted national sales activity to the highest level since late 2009. Actual (not seasonally adjusted) sales activity rose 8% on a year-over-year basis in January 2016 and stood 2.6% above the 10-year average for the month of January. The number of local housing markets was almost equally split between those where sales were up from the month before, and those where sales were down. Monthly sales increases in the Greater Toronto Area and Lower Mainland of British Columbia fuelled the national sales increase and offset monthly sales declines in Calgary, Edmonton, and the Okanagan Region.