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Canadian home sales surged in October, marking the highest nationwide sales since April 2022. Toronto and Vancouver led the charge with year-over-year increases of 44% and over 30%, respectively. Nationally, sales rose 7.7% month-over-month and 30% compared to October 2023, breaking the stagnation seen in previous months. The Canadian Real Estate Association (CREA) attributed this growth to a sharp rise in listings, following a significant interest rate cut by the Bank of Canada.
New listings saw a slight decline in October, down 3.5% month-over-month, but remained elevated compared to last year. This tightening market drove the sales-to-new listings ratio up to 58%, signaling a shift toward a sellers' market. Inventory levels dropped to 3.7 months, the lowest in over a year, while home prices held relatively steady. The National Composite MLS® Home Price Index decreased by 0.1% from September, with the average national home price reaching $696,166, up from $669,630 the previous month.
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