Clients looking to buy a home might find it challenging to find a deal. That’s because average home prices are up from a year ago and, in October, fewer homes were listed.

The national average price for a home sold in October was $505,937, up 5% from a year ago. Excluding Greater Vancouver and Greater Toronto, the average price was just over $383,000.

The Canadian Real Estate Association says home sales in October ticked higher compared with September led by the Toronto region and the Fraser Valley in B.C.

Read: B.C. home sales up 19.3%

The association says the number of homes sold through its MLS system in October was up 0.9% from the previous month.

The increase in sales came as the number of newly listed homes slipped 0.8% in October following a jump of more than 5% in September.

Read: Toronto, Vancouver home sales heat up in October

The national sales-to-new listings ratio rose to 56.7% in October from 55.7% in September. CREA says a national sales-to-new listings ratio of between 40% and 60% is generally consistent with a balanced market.

Compared with a year ago, the number of homes sold in October fell 4.3%.

Also read:

Commercial real estate in Toronto to heat up

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