October home sales up from year ago, but down from September, CREA says - Macleans.ca
 

October home sales up from year ago, but down from September, CREA says


 

OTTAWA – The Canadian Real Estate Association says home sales through its MLS system in October were up 8.3 per cent compared with a year ago.

However, its says sales last month were down 3.2 per cent compared with September.

CREA chief economist Gregory Klump says the month-over-month dip in sales was evidence that sales in the late summer and early fall were boosted by homebuyers with pre-approved mortgages jumping in the market before rates headed higher.

Now that interest rates appear to be holding, he says, sales in the near term may be held in check by homebuyers who are in less of a hurry to buy.

The national average price for a home sold in October was $391,820, up 8.5 per cent compared with a year ago.

However, the association says if Toronto, Vancouver and Calgary are excluded from the calculation, the average price was up 4.9 per cent compared with a year ago.


 
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October home sales up from year ago, but down from September, CREA says

  1. These stats are really not surprising. The market was still adjusting to new mortgage rules at this time last year, which puts the numbers for this year down in comparison. This past September however, it was a like a spring market. People had saved up their down payment (or found another way to work with the new rules,) and were ready to make that purchase they’d been putting off. We’ll see a few more months of declines before we see another upward trend, I think.