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Highlights
- November home sales up 26% year-over-year, with 37,855 homes sold across Canada.
- National average sale price rises 7.4% to $694,411 compared to November 2023.
- Bank of Canada's rate cut boosts market activity; new listings down slightly by 0.5%.
The Canadian Real Estate Association (CREA) reported a 26% rise in home sales for November 2024, marking the second consecutive month of significant year-over-year gains. A total of 37,855 homes changed hands last month, up from 30,042 in November 2023. This follows a 30% year-over-year increase in sales recorded in October.
The surge in home sales is attributed to a combination of factors, including the Bank of Canada's recent policy decisions. The central bank's latest half-percentage-point rate cut, which marked the fifth consecutive reduction since June, brought the key policy rate down to 3.25%. This has helped stimulate housing market activity, particularly in key markets such as Greater Vancouver, Calgary, Greater Toronto, Montreal, and some smaller cities in Alberta and Ontario.
The national average sale price also saw a notable increase, rising 7.4% year-over-year to reach $694,411 in November 2024. On a seasonally adjusted month-over-month basis, home sales rose by 2.8% compared to October.
Despite the rise in sales, the number of newly listed properties was slightly down, dropping 0.5% month-over-month. At the end of November, there were just over 160,000 properties listed for sale across Canada, an increase of 8.9% from a year earlier. However, this figure remains below historical averages for this time of year, suggesting a continued imbalance in supply and demand in the housing market.
