Canada home sales, prices, rise in October, but higher rates loom

By Andrea Hopkins

OTTAWA (Reuters) – Canadian home resales and prices rose in October as the nation’s long housing boom continued, two separate reports showed on Tuesday, but analysts said higher borrowing costs have increased the risk of a correction.

Prices rose 0.3 percent last month from September and were up 11.8 percent from a year earlier as Toronto’s red-hot market offset the first decline in Vancouver in almost two years, the Teranet-National Bank Composite House Price Index showed.

A separate report from real estate agents showed a 2.4 percent monthly rise in sales in October and a 14.6 percent surge in annual prices …
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