The average home price increased 2.5% in September to $408,795. This was an increase of 5.9% from the previous year. The three months ending in September have seen Canadian price gains slow to a more reasonable pace in the 4% - 6% range; however, it is yet to be seen if this trend will persist.
Home sales dipped 1.4% in September with a seasonally adjusted 41,666 homes being sold. This was still 3.5% above last year's sales number for the same month. CREA cited affordability issues being one possible reason for the slowdown in certain markets after many months of year-over-year price gains.
In September a seasonally adjusted 74,743 homes came on the market, an increase of 3.2% from the same month of the previous year. This translated into a sales-to-new-listing ratio of 55.7%, essentially unchanged from the previous month.
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