UPDATE 2-Canada home sales rise in January, ease correction fears

Fri Feb 15, 2013 3:55pm EST
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* Sales up 1.3 pct mo/mo; down 5.2 pct yr/yr

* Prices edge higher, but gains continue to slow

* Low interest rates expected to support market

* Bank of Canada head sees market adjusting further

By Claire Sibonney

TORONTO, Feb 15 (Reuters) - Sales of existing homes in Canada rose in January from December and fell only modestly from a year earlier, suggesting the housing sector's recent slowdown hasn't developed into a full-blown correction.

Sales were up 1.3 percent in January from December, the Canadian Real Estate Association said on Friday.

The trade group for the country's real estate agents said that compared with a year earlier actual sales for January, not seasonally adjusted, were down 5.2 percent.

CREA's Home Price Index rose 3.1 percent in January from a year earlier, the smallest gain since April 2011.   Continued...