Canadian Home Sales Fall Month-Over-Month in October, but Remain Slightly Higher Year-Over-Year
Canadian Home Sales See Downward Trend Continue in October
The Canadian Real Estate Association (CREA) on Wednesday (11-15-23) reported that home sales recorded over Canadian MLS® Systems posted a 5.6% decline between September and October. Fewer home sales were reported in most of Canada’s largest markets. On a year-over-year basis, the actual number of transactions was 0.9% higher (not seasonally adjusted).
The number of newly listed homes declined 2.3% month-over-month in October, the first decline since March, CREA reported. With sales dipping below new listings in October, the national sales-to-new listings ratio eased to 49.5%—a 10-year low. The highest level for this measure was 67.9% in April, and the long-term average is 55.1%.
There were 4.1 months of inventory on a national basis at the end of October, up a full month from its low of 3.1 months in May. CREA noted that the current level remains below its long-term average of 5 months.
The actual, not seasonally adjusted, national average home price was $656,635 (CAD) in October, up 1.8% from October 2022.
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