Toronto’s 17% surge leads Canada’s biggest gain in home sales this year.

Original article via Financial Post. Click here to read.

Canadian home sales rose in June at the fastest pace this year, led by a 17 per cent surge in Toronto, a sign the market may be regaining strength.

Transactions climbed 4.1 per cent from May after touching a five-year low, the Canadian Real Estate Association reported Monday from Ottawa. Benchmark prices fell 0.1 per cent on the month and advanced 0.9 per cent from a year earlier.

Home sales had declined through most of 2018 after the government made it more difficult to get a mortgage and the central bank raised interest rates. Both measures constrained buyers, causing sharp declines in sales particularly for the most-expensive properties.

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