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Canadian Housing Has Hottest Month Ever as Sellers Look to Cash In
- Number of homes sold climbs 5.2%, smashing previous record
- Benchmark prices rise 3.1%, with more supply hitting market
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The Canadian housing market hit a new record with more properties changing hands in March than any month in history, as sky-high prices lured more homeowners to try to cash in.
The number of homes sold across the country rose 5.2% on a seasonally adjusted basis, according to data released Thursday by the Canadian Real Estate Association. The 76,000 houses that were sold was 14,000 more than the previous monthly sales record set last July. Benchmark home prices rose 3.1% from the previous month, adding to a record gain in February as more supply hit the market.