June 15, 2017 / 1:17 PM / 6 months ago

Canada home resales drop sharply in May - CREA

OTTAWA, June 15 (Reuters) - Resales of Canadian homes dropped 6.2 percent in May from April as Toronto sales plunged 25.3 percent in the month as new housing policy changes sideswiped demand and new listings rose again, the Canadian Real Estate Association said on Thursday.

The industry group said actual sales, not seasonally adjusted, were down 1.6 percent from May 2016, while home prices were up 17.9 percent from a year earlier, according to the group’s home price index. (Reporting by Andrea Hopkins)

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