National home sales edged a bit higher in October from a month early, according to the Canadian Real Estate Association (CREA), suggesting the downturn that started this spring may be coming to an early end.
About 60 percent of all local markets saw sales rise in October, although both gains and declines were generally small across the board. The largest gain, a 6 percent increase in Greater Vancouver, was offset by a 2.4 percent decrease in activity in Montreal.
The number of home sales in October 2022 came in 36 percent below that same month last year, and about 15 percent below the pre-COVID-19 10-year average for the month.
“October provided another month’s worth of data suggesting the slowdown in Canadian housing markets is winding up,” said Shaun Cathcart, CREA’s senior economist. “Sales popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row.”
The number of newly listed homes was up 2.2 percent on a month-over-month basis in October, with gains in the Greater Toronto Area and the B.C. Lower Mainland offsetting declines in Montreal and Halifax-Dartmouth, according to CREA.
With sales up by a little less than new listings in October, the sales-to-new listings ratio eased back to 51.6 percent, compared to 52 percent in September. The long-term average for this measure is 55.1 percent.
The composite home price in Canada in October edged down 1.2 percent month-to-month, to $644,643. This was the lowest monthly decline since June 2022 but was 9.9 percent lower than in October 2021.
Please contact Jared Gibbons, your local realtor, should you have any questions!