Teagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
Though the Bank of Canada has delivered four interest rate cuts since June, including a healthy 50-bps cut in October, the growth in sales is being attributed to a jump in listings.real estate boards posted striking year-over-year increases in home sales for October — 44% and over 30%, respectively — it appears they're not alone, as the Canadian Real Estate Organization reported Friday that nationwide sales in October were the highest they've been since April 2022.
“The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” says Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well.
Now, we can expect 3.7 months of inventory on a national basis, down from 4.1 months at the end of September and the lowest level in more than a year, skewing us slightly closer to a sellers' market, which begins when inventory gets below about 3.6 months. “October’s strong sales numbers across Canada suggest buyers have been in the market since rates began to fall in early summer, but they were waiting for the right property to come up for sale, which didn’t happen in a big way until September,” says Mabey. “The extent to which that will be able to continue between now and next spring will depend on the number of listings coming onto the market.
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