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Average home price in Canada rises to $656,625 as monthly sales slow: CREA

The Canadian Press
Average home price in Canada rises to $656,625 as monthly sales slow: CREA

OTTAWA — The Canadian Real Estate Association says the number of homes sold last month was up 0.9 per cent compared with October 2022 as the national average home price rose to $656,625 — up 1.8 per cent from a year ago.

On a month-over-month basis, sales in October were down 5.6 per cent as the association says there were fewer sales in most of Canada’s largest markets.

CREA chair Larry Cerqua says it appears many prospective homebuyers “have already gone into hibernation” while some sellers may be shelving their plans until next spring.

While home price declines are still mainly occurring in Ontario, the association says some regions of B.C. are now also starting to see softening.

New listings across Canada fell 2.3 per cent from September, marking the first decline since March.

The national sales-to-new listings ratio fell to a 10-year low of 49.5 per cent, compared with the long-term average of 55.1 per cent for this measure.

© 2023 The Canadian Press

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