NOVEMBER 2024 CREA statistics and Quarterly forecast 2024
CREA statistics November 2024
Canadian Home Sales Continue to Climb in November
Home sales activity recorded over Canadian MLS® Systems rose again in November, building on October’s surprise jump.
Sales were up 2.8% in November compared to October, and now standing a cumulative 18.4% above where they were in May, just before the first interest rate cut in early June. The November increase was driven by gains in Greater Vancouver, Calgary, Greater Toronto and Montreal, as well as by some double-digit sales activity in smaller cities in Alberta and
Ontario.
“Not only were sales up again, but with market conditions now starting to tighten up, November also saw prices move materially higher at the national level for the first time in almost a year and a half,” said Shaun Cathcart, CREA’s Senior Economist. “Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank’s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.”
The National Composite MLS® Home Price Index (HPI) rose 0.6% from October to November 2024 – the largest month-over-month increase since last July.
November Highlights:
Sales were up 2.8% in November compared to October, and now standing a cumulative 18.4% above where they were in May, just before the first interest rate cut in early June. The November increase was driven by gains in Greater Vancouver, Calgary, Greater Toronto and Montreal, as well as by some double-digit sales activity in smaller cities in Alberta and
Ontario.
“Not only were sales up again, but with market conditions now starting to tighten up, November also saw prices move materially higher at the national level for the first time in almost a year and a half,” said Shaun Cathcart, CREA’s Senior Economist. “Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank’s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.”
The National Composite MLS® Home Price Index (HPI) rose 0.6% from October to November 2024 – the largest month-over-month increase since last July.
November Highlights:
- National home sales rose 2.8% month-over-month.
- Actual (not seasonally adjusted) monthly activity came in 26% above November 2023.
- The number of newly listed properties edged down 0.5% month-over-month.
- The MLS® Home Price Index (HPI) climbed 0.6% month-over-month but was still down 1.2% on a year-over-year basis.
- The actual (not seasonally adjusted) national average sale price was up 7.4% on a year-over-year basis.
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