Canadian home sales rose 30% in October from a year ago
The Canadian Real Estate Association has reported a significant increase in the number of homes sold in October, with a 30 per cent rise compared to the same time last year. This marks a departure from the market’s previous holding pattern, indicating a shift in the real estate landscape.
In particular, the Greater Toronto Area and British Columbia’s Lower Mainland saw double-digit increases in home sales activity during the month of October. This surge in sales was unexpected, according to CREA senior economist Shaun Cathcart, who noted that it may be attributed to a spike in new listings that entered the market in September.
On a seasonally adjusted basis, national home sales rose by 7.7 per cent from September, reflecting a broader trend of increased activity across the country. Despite the rise in sales, the average sale price for October was reported at $696,166, representing a six per cent increase from the previous year.
However, the number of newly listed properties saw a slight decrease of 3.5 per cent month over month, indicating a potential tightening of inventory in certain markets. This dynamic could have implications for buyers and sellers alike, as limited supply may drive competition and impact pricing strategies.
Overall, the real estate market in Canada continues to show resilience and adaptability in the face of economic fluctuations and external factors. The latest data from CREA provides valuable insights into the current state of the housing market, offering a snapshot of trends and patterns that could shape future developments.
