On a seasonally adjusted month-over-month basis, national home sales rose 7.7% from September
Canada ’s real estate market zoomed back to life in October with sales reaching the highest level in more than two years, as buyers finally started to take advantage of lower borrowing costs and an abundance of properties up for sale.
Sales have been mostly slow for more than two years. And even after the central bank cut its benchmark interest rate in June, July and September, prospective buyers did not make a purchase. Mortgages were still relatively expensive and would-be buyers could not qualify for a large enough loan. As well, more homeowners were putting their homes up for sale, leaving buyers with more choice and time to make a decision.
But fewer homeowners decided to put their home up for sale last month. The number of new listings fell 3.5 per cent last month after rising 4.8 per cent in September. CREA’s senior economist Shaun Cathcart predicted in the news release that there likely would not be a flurry of new listings until the spring, which historically has been the busiest buying season in the year.
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