Average Canadian home price rose once again in October to $391,820. This is an increase of 1.5% from the previous month and an increase of 8.5% from the same month last year.
A seasonally adjusted 39,235 homes sold in October according to CREA. This is down 3.2% from the previous month, but still 8.3% above the same month last year. Home sales during the fall of last year were seriously suppressed due to the reaction to tightened mortgage regulations. This skews year-over-year growth figures due to the fact that they are compared to these unusually low sales numbers.
According to the Canadian Real Estate Association, 71,876 homes were placed on the market in October, down 0.8% from September. This brought the national sales-to-new-listings ratio down 54.6%. This leaves Canada still firmly rooted in a balanced market, providing opportunities to home buyers and sellers alike.
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