The Canadian Real Estate Association says the number of homes sold last month was up 0.9 percent compared with October 2022 as the national average home price rose to $656,625—up 1.8 percent from a year ago.
On a month-over-month basis, sales in October were down 5.6 percent as the association says there were fewer sales in most of Canada’s largest markets.
CREA chair Larry Cerqua says it appears many prospective homebuyers “have already gone into hibernation” while some sellers may be shelving their plans until next spring.
While home price declines are still mainly occurring in Ontario, the association says some regions of B.C. are now also starting to see softening.
New listings across Canada fell 2.3 percent from September, marking the first decline since March.
The national sales-to-new listings ratio fell to a 10-year low of 49.5 percent, compared with the long-term average of 55.1 percent for this measure.
