Home Sales Edge Up

Home sales edged up by 1.3 per cent between September and October, says the Canadian Real Estate Association (CREA). While not a large increase, it was significant in that it was the first monthly gain since February. About 60 per cent of all local markets saw sales rise in October, although both gains and declines were generally small across the board. The largest gain, a six per cent increase in Greater Vancouver, ON, was offset by a 2.4 per cent decrease in activity in Montreal, QC. The actual (not seasonally adjusted) number of transactions in October came in 36 per cent below that same month last year, and stood about 15 per cent below the pre-COVID-19 10-year average for the month. Jill Oudil, chair of CREA, says, “Moving into 2023, sellers and buyers will likely continue coming off the sidelines, but it's a very different market compared to just one year ago.” The number of newly listed homes was up 2.2 per cent on a month-over-month basis in October, with gains in the Greater Toronto, ON, Area (GTA) and the BC Lower Mainland offsetting declines in Montreal and Halifax-Dartmouth, NS.