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Canadian housing sales 'popped up' in October: CREA

Latest data from the Canadian Real Estate Association shows sales downturn may be ending early, though composite home price is down nearly 10 per cent from 2021
October sales were up 6 per cent month-over-month in Greater Vancouver to lead the national increase. | Chung Chow

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 per cent 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 per cent increase in Greater Vancouver, was offset by a 2.4 per cent decrease in activity in Montreal.

The number of transactions in October 2022 came in 36 per cent below that same month last year, and about 15 per cent 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 actually 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 per cent 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 per cent, compared to 52 per cent in September. The long-term average for this measure is 55.1 per cent.

The composite home price in Canada in October edged down 1.2 per cent month-to-month, to $644,643. This was lowest monthly decline since June 2022, but was 9.9 per cent lower than in October 2021.