According to Canadian Real Estate Association (CREA) Ottawa, ON, November 15, 2013, housing sales declined 3.2% in October. Housing Sales were down in Canada from September bringing sales more in line with June and July sales.
Highlights from the report:
- National home sales declined by 3.2% from September to October.
- Actual (not seasonally adjusted) activity came in 8.3% above levels in October 2012.
- The number of newly listed homes declined by 0.8% from September to October.
- The Canadian housing market remains in balanced territory.
- The national average sale price rose 8.5% on a year-over-year basis in October.
- The MLS® Home Price Index (HPI) rose 3.5% year-over-year in October.
Highlights from CREA Stats Website. Statistics based on number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations and other co-operative listingnumber of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations and other co-operative listing.
In a recent publication from the CMHC – Housing Market Outlook, it is forecasted the existing home sales are expected to stay relatively unchanged in 2013 and then rise along with improving economic conditions in the first half of 2014, before moderating in the second half of the year. Some Canada Market Analysts attributed the higher sales in September were due to talk of higher interest mortgage rates.