Canadian Homes Sales Activity Eases in October

• National home sales fell 1.6% from September to October
• Actual (not seasonally adjusted) activity was down by 3.7% from one year ago
• The number of newly listed homes eased 1.1% from September to October
• The MLS Home Price Index (HPI) was up 2.3% year-over-year in October
• The national average sale price slipped by 1.5% y-o-y in October

"This year's new mortgage stress test has lowered how much mortgage home buyers can qualify for across Canada, but its effect on sales has varied somewhat depending on location, housing type and price range," said CREA President Barb Sukkau. "All real estate is local. A professional realtor is your best source for information and guidance in negotiating a purchase or sale of a home during these changing times," added Sukkau.
 
"National sales activity lost momentum in October," said Gregory Klump, CREA's Chief Economist. "In part, this reflects waning activity among some urban centers in Ontario's Greater Golden Horseshoe region and the absence of an offsetting rise in sales in the Lower Mainland of British Columbia. Even so, the balance between sales and listings in these regions points to stable prices or modest gains. By contrast, the balance between sales and listings for housing markets in Alberta, Saskatchewan, and Newfoundland indicates a weak pricing environment for homeowners who are looking too sell."