Existing home sales in Canada fell for a fifth month in January, the direct result of fewer transactions in Toronto and Vancouver, reports Bloomberg News and the Financial Post. This added to evidence the country's housing market is cooling.

Total sales dropped 3.3 per cent in January from the previous month, said the Canadian Real Estate Association in a statement. Despite the decline in sales, average home prices rose 0.3 per cent from the previous month and 9.5 per cent from a year ago.

The release of this report adds to recent data showing real estate has ceased to drive Canadian economic growth. Canada Mortgage & Housing Corp. reported work on new builds fell to the lowest volume year-over-year. The Bank of Canada forecast last month housing won’t add to the output for 2014.

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