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Increase in new listings likely behind the unexpected spike, says CREA
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Published Nov 15, 2024 • 1 minute read
OTTAWA — Home sales shot up 30 per cent in October, the Canadian Real Estate Association said Friday, marking a shift from the market’s holding pattern.
On a seasonally adjusted month-over-month basis, national home sales rose 7.7 per cent from September.
The association says rising home sales activity was broad based, with the Greater Toronto Area and British Columbia’s Lower Mainland recording double-digit increases in October.
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CREA senior economist Shaun Cathcart says the jump in sales was a surprise, even as the Bank of Canada continues to lower its key interest rate. He says the increase was more likely related to the surge in new listings that hit the market in September.
The national average sale price for October was $696,166, up six per cent compared with a year earlier.
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The number of newly listed properties was down 3.5 per cent month-over-month.
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