Canadian home sales rose by 2.8% in November 2024 compared to October, marking a cumulative 18.4% rise since May, driven by activity in Greater Vancouver, Calgary, Greater Toronto, and Montreal. According to the Canadian Real Estate Association (CREA), actual sales for November were 26% higher than the same month in 2023. Image: Canadian Real Estate Association (CREA)
The national average sale price reached $694,411, reflecting a 7.4% year-over-year increase. The National Composite MLS Home Price Index (HPI) also grew 0.6% month-over-month, marking the most substantial rise since July, although it remains 1.2% lower than November 2023.
Image: Canadian Real Estate Association (CREA)
New property listings edged down by 0.5% in November following a 3% drop in October. The sales-to-new-listings ratio increased to 59.2%, up from 57.3% the previous month, indicating a tightening market. Inventory levels declined to 3.7 months, the lowest in over a year, compared to the long-term average of 5.1 months.
