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Greater Toronto area home sales fell in March for a second straight month, while prices increased, keeping a housing market recovery in check at a time of historically high borrowing costs, data showed on Wednesday. Seasonally adjusted sales declined 1.1% in March from the previous month after falling 11.5% in February, according to Toronto Regional Real Estate Board (TRREB) data. Home sales rose strongly in December and January, pointing to a revival in the market in anticipation of interest rate cuts by the Bank of Canada.

Consumer prices likely rose last month at a pace that would exceed the Federal Reserve's inflation target, underscoring why the Fed is being cautious as it considers when to cut interest rates and suggesting that inflation will remain a potent issue in this year's presidential election. Economists have estimated that prices rose at a brisk 0.4% annual pace from January to February, up from a 0.3% rise the previous month, according to estimates compiled by FactSet. Grocery prices are thought to have ticked up, too.

February's CPI report is the last inflation print before the Fed's next policy decision on March 20.