Canadian home sales jumped 30% in October, reversing a trend and reaching pre-2022 levels.

Canadian home sales surged 30% in October compared to last year, marking a significant shift from the market's previous slowdown. On a month-over-month basis, sales increased by 7.7%, reaching the highest level since April 2022. This uptick was largely driven by a surge in new listings in September, rather than recent interest rate cuts. The national average home price rose 6% to $696,166. New listings fell slightly by 3.5%, but remain at high levels. The market is expected to tighten further, with the central bank likely to cut rates in December.

November 15, 2024
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