Canadian home sales fell in October, as the number of transactions dropped in more than half of all local markets led by dips in Montreal, Edmonton and the Hamilton-Burlington, Ont., area.
The Canadian Real Estate Association says national home sales through its MLS system dropped by 1.6 per cent last month compared with September. Compared with October 2017, sales last month were down 3.7 per cent as lower sales in the Vancouver region and the B.C. Fraser Valley more than offset gains in the Greater Toronto Area and Montreal.
Get weekly money news
WATCH: What to keep in mind before renewing your mortgage
- Central Alberta carbon capture hub on track to be largest in Canada
- Enbridge makes US$2.55B acquisition of pipeline, storage systems in U.S. midwest
- Choose Canada, businesses urge Albertans ahead of ‘risky gamble’ referendum
- Alberta landowners challenge ‘chronic underfunding’ for orphan well cleanup
The drop came as the average price for a home sold last month fell 1.5 per cent from October last year to $496,800. Excluding the Greater Toronto Area and the Greater Vancouver area, two of the country’s most expensive markets, the average price of a home sold was just under $383,000.
The number of new listings also dipped 1.1 per cent in October, led by declines in the Greater Toronto Area, Calgary and Victoria.
Comments
Want to discuss? Please read our Commenting Policy first.