OCTOBER 2024 CREA statistics and Quarterly forecast 2024
October CREA statistics and Quarterly forecast 2024
Canadian Home Sales see Surprise Jump in October
Home sales activity recorded over Canadian MLS® Systems increased 7.7% on a month-over-month basis in October 2024, reaching its highest level since April 2022.
“The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well. With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year.”
Highlights:
“The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well. With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year.”
Highlights:
- National home sales jumped 7.7% month-over-month in October.
- Actual (not seasonally adjusted) monthly activity came in 30% above October 2023.
- The number of newly listed properties were down 3.5% month-over-month.
- The MLS® Home Price Index (HPI) edged down 0.1% month-over-month and was down 2.7% on a year-over-year basis.
- The actual (not seasonally adjusted) national average sale price was up 6% on a year-over-year basis in October.
Rising home sales activity was broad based, with the Greater Toronto Area (GTA) and British Columbia’s Lower Mainland recording double-digit increases in October.
Please note: You must be logged into member.crea.ca before clicking on the link below, in order for it to open correctly.
Access the October 2024 stats PDF.
Please note: You must be logged into member.crea.ca before clicking on the link below, in order for it to open correctly.
Access the October 2024 stats PDF.
Powered By GrowthZone