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(Bloomberg) — Canadian home sales rose for a fifth straight month as a buildup of listings lured buyers back to the market.
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The number of homes sold rose 1.1% in August from the previous month, bringing the market’s rebound to 12.5% since March, according to a release Monday from the Canadian Real Estate Association. The benchmark price of a home slipped 0.1% from the previous month to C$687,300 ($496,400).
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The Canadian real estate market has staged a slow recovery this year as lower prices and interest rates spur more deals. And with economists and financial markets predicting the Bank of Canada will lower its benchmark interest rate again this week, sales may get a further boost as summer vacation season ends and more Canadians get to house hunting.
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“If they cut in September, there’s a psychological impact of putting that in the headlines just at the start of the fall market,” Shaun Cathcart, the real estate board’s senior economist, said in an interview. “There’s going to be a lot of buyers who want to come off the sidelines this fall.”
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While sales rose in August, new listings rose faster, increasing 2.6% from June and keeping downward pressure on prices. The more than 195,000 properties on the market was 8.8% higher than the same month last year. That increased choice may be prompting more prospective buyers to enter the market.
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Transactions fell in Toronto, Canada’s largest city, but increases in Montreal, Vancouver and Ottawa were enough to push sales higher nationwide.
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