Canadian Homes Sales in September Climbed to Highest Level Since July 2023

The Canadian Real Estate Association (CREA), reported that home sales recorded over Canadian MLS® Systems climbed 1.9% on a month-over-month basis in September 2024, reaching their highest level since July 2023. The national increase was led by the Greater Toronto Area and Hamilton-Burlington, Montreal, and Quebec City, as well as Greater Vancouver and Victoria.

New listings posted a 4.9% month-over-month rise in September, as sellers listed properties in larger than normal numbers for the first weeks of the month. Gains were broad-based, with most of the country’s biggest markets topping the list.

With sales rising by less than new listings in September, the national sales-to-new listings ratio eased to 51.3%, down from 52.8% in August. This measure could be reversed if all those listings result in higher sales in October. The long-term average for the national sales-to-new listings ratio is 55%, with a sales-to-new listings ratio between 45% and 65%, generally consistent with balanced housing market conditions.

CREA is reporting that there were 4.1 months of inventory on a national basis at the end of September 2024, down from 4.2 months at the end of August. The long-term average is 5.1 months of inventory, with a seller’s market being below 3.6 months and a buyer’s market being above 6.5 months.

The actual (not seasonally adjusted) national average home price was $669,630 in September 2024, up 2.1% from September 2023.