Sagging resale activity limits price growth, listings

The board noted in its Metro Resale Index that the tightened lending rules implemented by the Canadian Mortgage and Housing Corporation this month were not enough to push up activity.

“Softening sales discouraged potential vendors,” said the report. Listings were below January levels in 15 markets.

The index also showed prices were up on a year-over-year basis in 24 of the 28 areas. But softer markets limited some of those gains, the board noted. Monthly advances in prices slowed in 16 markets in February.

Still, the board said 25 of 28 markets in Canada remained in a balanced position.

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