February 15, 2018 / 2:10 PM / 3 months ago

Canada home sales drop in January as new rules take effect-CREA

OTTAWA, Feb 15 (Reuters) - Resales of Canadian homes dropped 14.5 percent in January from December to the lowest monthly level in three years as tighter mortgage rules doused demand, the Canadian Real Estate Association said on Thursday.

The industry group said actual sales, not seasonally adjusted, fell 2.4 percent from January 2017, while home prices were up 7.7 percent from a year earlier, according to the group’s home price index. (Reporting by Andrea Hopkins; Editing by Bernadette Baum)

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