Canadian home sales fall

OTTAWA: Canadian home sales extended their decline in September, after a drop in August, as higher mortgage rates and expectations of a Bank of Canada rate hike dampened activity, the Canadian Real Estate Association said in its monthly note on Friday.

National home sales declined 2.3 percent month-over-month in September following a drop of 0.7 percent in August.

Sales were down 7.7 percent on an annual basis, without seasonal adjustment. The industry group’s Home Price Index was down 0.4 percent on a monthly basis and was down 3.4 percent from a year ago.

After a rebound in August, the number of newly listed properties fell by 1.8 percent on a month-over-month basis.