CREA SEES LOWER HOME SALES COUNTRY-WIDE

Nov 15, 2018

By Michael Kramer

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Home sales across the country dropped in October – as the number of transactions fell in more than half of all local markets – led by dips in Montreal, Edmonton and the Hamilton-Burlington 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.

And compared with October 2017, sales last month were down 3.7 per cent – as lower numbers in the Vancouver region and the B.C. Fraser Valley – more than offset gains in the Greater Toronto Area and Montreal.

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.

 

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