National home sales up almost 13% in October compared with last year

The Canadian Real Estate Association says the number of home sales was up 12.9 per cent nationally in October compared with the same month last year.

It says sales activity last month was almost the same as for September, but up almost 20 per cent from a six-year low reached in February. Home sales are still about seven per cent below the heights reached in 2016 and 2017.

CREA says sales activity was mixed across the country as growing sales in Greater Vancouver, the B.C. Fraser Valley, and Ottawa, was offset by a monthly decline in the Greater Toronto Area and Hamilton-Burlington.

Greater Vancouver’s composite index price was down 6.4 per cent from a year ago to $994,900, while in the GTA, the index price was up 5.6 per cent to $814,400. Ottawa recorded the highest price gains of major cities with a 10.25 per cent climb to $436,300.

Nationally, the composite index price was up 1.77 per cent to $633,600 despite declines in parts of B.C. as well as in major cities in Alberta and Saskatchewan.

The number of new residential home listings was down by 5.8 per cent in October compared with last year, and down 1.8 per cent from September.

The national average price for homes sold in October was around $525,000 which is up 5.8 per cent from the same month last year. 

When excluding the GTA and GVA, the national average price is reduced by almost $125,000 to $400,000.



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