Canadian home sales fall in November as rally loses steam

By Fergal Smith

TORONTO, Dec 15 (Reuters) - Canadian home sales fell 0.6% in November from October and prices declined, data from the Canadian Real Estate Association showed on Monday.

The decline left sales well above their April levels but mostly unchanged since July, CREA said.

KEY DETAILS

• Home sales fell 0.6% month-over-month in November

• Sales were down 10.7% on an annual basis, without seasonal adjustment.

• The industry group's Home Price Index edged down 0.4% on the month and was down 3.7% year-over-year

• Newly listed properties declined 1.6% month-over-month

• "The mid-year rally in housing demand has veered into more of a holding pattern," CREA senior economist Shaun Cathcart said.

• The Bank of Canada left its policy rate on hold last week at 2.25%