Canadian Housing Market Sees Sales Surge in October

October 2024 was a standout month for the Canadian housing market, with home sales reaching their highest levels since April 2022. The surge in activity was widespread, reflecting strong buyer interest in major urban centers and beyond.

According to the latest market report from the Canadian Real Estate Association (CREA), home sales recorded a 7.7% increase compared to September, marking the biggest monthly spike in activity in more than two years. The momentum was led by key markets like the Greater Toronto Area (GTA) and British Columbia’s Lower Mainland, both of which posted double-digit gains. This broad-based upswing indicates a significant shift in market sentiment, driven by renewed confidence among buyers.

“The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well. With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year.”

Click Here to Continue Article