Vancouver leads Canada’s first home sales decline in five months

Photo : Jonathan Hayward/The Canadian Press

 

Canadian home sales declined for the first time in five months as activity in Vancouver and Toronto weakened.

Sales in the west coast city fell by 1.5 per cent in September and benchmark prices declined 1.2 per cent, the Canadian Real Estate Association said Monday. In Toronto, the nation’s biggest city, sales fell 0.5 per cent and benchmark prices rose 0.1 per cent.

Activity across the country fell by 0.4 per cent, bringing the 12-month decline to 8.9 per cent, according to the Ottawa-based realtor group. Sales fell in about half of the country’s real estate markets, with buyers and sellers still being influenced by rising mortgage rates and tougher qualification rules introduced at the start of the year, CREA President Barb Sukkau said.

Some markets nonetheless saw sales increase in September, including Montreal with a 1.9 per cent gain and the Fraser Valley near Vancouver with a 8 per cent rise.

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