OTTAWA — The Canadian Real Estate Association says the number of homes sold in October increased 30 per cent from last year, marking a shift from the market-holding model the association had described previously.

On a seasonally adjusted month-over-month basis, national home sales increased 7.7 percent from September.

The association says the rise in home sales was widespread, with the Greater Toronto Area and British Columbia’s Lower Mainland seeing double-digit increases in October.

Shaun Cathcart, CREA’s senior economist, says the rise in sales came as a surprise, even as the Bank of Canada continues to lower its key interest rate. According to him, this increase is more likely linked to the increase in new listings on the market in September.

The national average sales price for October was $696,166, up 6 percent from the previous year.

The number of newly listed properties decreased 3.5 percent month over month.

This report by The Canadian Press was first published November 15, 2024.

The Canadian Press