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Home sales and prices fall nationwide in October

Both sales and prices for Canadian homes fell last month.

Sales dipped 1.6% from September to October, while the nation’s average sale price fell by 1.5% as well.

<who>Photo Credit: Canadian Press

Activity did improve modestly in a handful of markets, but it was offset by a decline in transactions in more than half of all local markets.

Compared to October 2017, sales last month were down 3.7% but they’re still in line with October’s 10-year average.

“This year’s new mortgage stress-test has lowered how much mortgage home buyers can qualify for across Canada,” said Barb Sukkau, CREA president. “But its effect on sales has varied somewhat depending on location, housing type and price range.”

<who>Photo Credit: Canadian Press

Part of the decline in sales is due to the season and the country also saw fewer newly homes listed in October, as that number fell 1.1% since September.

The Greater Toronto Area, Calgary and Victoria led the way in that department, while an increase in new supply in Vancouver and Edmonton offset the decline in those markets.

The national average for homes sold in October 2018 was just shy of $497,000, down 1.5% from the same month last year.



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