Canadian home resales were firmer for a third straight month in October, suggesting a soft landing for the once red-hot sector and stable market conditions for the next two years, industry reports said on Monday.
The Canadian Real Estate Association said 35,714 homes changed hands in October, up 4.6 percent from September, as sales rose in three-quarters of the markets tracked by the association. However, sales were down 21.6 percent from a year earlier.
CREA said sales activity in October stood half way between the recessionary low reached in December 2008, and the record level activity posted in December 2009, offering further evidence that the market is returning to normal.
The number of new listings rose 1.3 percent in October from September.
"National sales activity and new listings have swung widely but synchronously, which has kept the market in balanced territory since the spring," CREA said.