Canadian home sales rose the most in 10 months in March, as markets in Alberta rebounded and buyers benefited from mortgage rates near historic lows.
The number of homes sold by the nation’s realtors jumped 4.1 percent from February, the Canadian Real Estate Association said, the biggest gain since May. The average sales price rose 1 percent to C$431,276 ($344,000) and was up 9.4 percent from a year ago.
Low mortgage rates and a steady jobs market have supported housing, even as policy makers warn record consumer debt burdens are a major risk to the world’s 11th-largest economy. Mortgage rates fell again this year as major lenders have been matching a Jan. 21 rate cut by Bank of Canada Governor Stephen Poloz and as bond yields fall.
Home sales in Calgary rebounded after four months of declines, rising 12.5 percent in March. Prices in Canada’s oil capital rose 1.9 percent.
Sales in Vancouver rose 4.5 percent, while gaining 1 percent in Toronto. Prices in Toronto rose 1.8 percent on the month and 10 percent from a year ago.