After a quiet year in real estate, homebuyers have returned strongly this autumn. October saw a 30% jump in home sales compared to the same time last year, according to the Canadian Real Estate Association (CREA).
In total, 44,041 properties were sold in October, a 7.7% rise from September. This is the highest sales activity since April 2022, before the Bank of Canada’s rate hikes slowed the market. Year-to-date sales are now 5.6% higher than they were at this point in 2023.
Canada’s largest markets led the recovery, with the Greater Toronto Area and British Columbia’s Lower Mainland reporting sales increases of 43.3% and 32.4%, respectively.
