Canadian Real Estate Market Stable in October

Canada’s real estate market was little changed from September to October seeing a – 0.1 per cent decrease.

Little changed when it came to year-over-year numbers as well with sales activity down 0.8 per cent compared to last October. In Calgary both single-family and apartment condominium sales increased by 17 and 12 per cent respectively year-over-year.

“Sales data in October held steady at the national level, but we are seeing some diverging trends among local housing markets,” said Canadian Real Estate Association (CREA) president Wayne Moen. “Markets in Alberta and Saskatchewan are gaining strength, while some of Canada’s traditionally most active markets
have lost steam.”

In the first 10 months of this year, 402,322 homes have traded homes via Canada’s MLS® Systems, a 0.8 per cent increase over the same time last year and 0.4 per cent below the 10-year average for that time.

“Little has changed since national activity geared down in the wake of mortgage rules that came into force in July,” said Gregory Klump, CREA’s chief economist. “Opinions differ about how sharply sales have slowed depending on the local housing market.”

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