Canadian home sales rose 12.9% year over year in October: CREA

The Canadian Real Estate Association says the number of home sales was up 12.9% nationally in October compared with the same month last year.

It says sales activity last month was almost the same as for September, but up almost 20% from a six-year low reached in February. Home sales are still about 7% below the heights reached in 2016 and 2017.

CREA says sales activity was mixed across the country as growing sales in Greater Vancouver, the B.C. Fraser Valley and Ottawa was offset by a monthly decline in the Greater Toronto Area and Hamilton-Burlington.

Greater Vancouver’s composite index price was down 6.4% from a year ago to $994,900, while in the GTA, the index price was up 5.6% to $814,400. Ottawa recorded the highest price gains of major cities with a 10.25% climb to $436,300.

Nationally, the composite index price was up 1.77% to $633,600 despite declines in parts of B.C. as well as in major cities in Alberta and Saskatchewan.

The number of new residential home listings was down by 5.8% in October compared with last year, and down 1.8% from September.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.