Home sales recorded over Canadian MLS Systems posted a 5.6% decline between September and October 2023. The sizable decline was the result of fewer sales in most of Canada’s largest markets, as the Canadian Real Estate Association (CREA) reports.
The actual (not seasonally adjusted) number of transactions in October 2023 came in 0.9% above October 2022.
The number of newly listed homes fell 2.3% on a month-over-month basis in October, the first decline since March.
With sales falling by more than new listings in October, the national sales-to-new listings ratio eased to 49.5% – a 10-year low. The highest level for this measure was 67.9%, recorded in April. The long-term average for this measure is 55.1%.
There were 4.1 months of inventory on a national basis at the end of October 2023, up a full month from its low of 3.1 months in May. That said, it remains below its long-term average of near five months of inventory.
The actual (not seasonally adjusted) national average home price was $656,625 in October 2023, up 1.8% from October 2022.
