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Canadian Housing Sales Edged Higher M/M, Home Price was 9.9% Lower Y/Y


Under Market Updates

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December 1st, 2022

National home sales edged higher in October from a month earlier, according to the Canadian Real Estate Association (CREA), suggesting the downturn that started this spring may be coming to an early end.

Sales rose in about 60% of all local markets in October, although both gains and declines were generally small across the board.

The largest gain, a 6% increase in Greater Vancouver, was offset by a 2.4% decrease in Montreal.

The number of transactions in October 2022 came in 36% below that same month last year and about 15% 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% month over month in October, with gains in the Greater Toronto Area (GTA) and BC’s Lower Mainland offsetting declines in Montreal and Halifax-Dartmouth. With sales up by a little less than new listings in October, the sales-to-new-listings ratio eased back to 51.6% compared with 52% in September. The long-term average for this measure is 55.1%.

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

Canadian Housing Sales “Popped Up” in October by Western Investor | BIV

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