Canadian home sales fall

Canadian home sales fell again in September, the Canadian Real Estate Association reported on Friday, after a smaller decline in August. National sales dropped 2.3 per cent month on month, and the association pointed to costlier mortgages and expected rate increases from the Bank of Canada.

Sales were 7.7 per cent lower than a year earlier on an unadjusted basis, according to the group. The Home Price Index slipped 0.4 per cent from the previous month and stood 3.4 per cent below its year-ago level. Separately, newly listed properties declined 1.8 per cent month on month, following a rebound in August.

Every measure in the note moved lower on a monthly basis, with sales, prices and new listings all declining in September. The annual comparison was also negative for both sales and prices. The note does not mention any listed company, so the report offers no direct link to PSX-traded stocks.