Canadian home sales fall in October as rate risk fades

Residential and commercial buildings are pictured in Vancouver, British ColumbiaBy Andrea Hopkins TORONTO (Reuters) – Sales of existing homes in Canada declined in October from September, suggesting the summer surge in sales was boosted by homebuyers who jumped into the market amid the threat of rising mortgage rates, dampening demand as the year draws to a close. The Canadian Real Estate Association said on Friday sales activity was down 3.2 percent last month from September, ending a string of monthly gains that began in the spring. The industry group for Canadian real estate agents said October's decline returned activity to near where it stood in June and July. "While the decline in new listings points to waning momentum, one off month for sales does not make a trend as the substantial decline in October appears to be payback from earlier in the summer when sales activity was brought forward to lock in mortgages before further increases," Mazen Issa, Canada macro strategist at TD Securities, said in a research note.

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