Canadian Home Sales Fall Month-Over-Month in October, but Remain Slightly Higher Year-Over-Year

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.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.