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Nov 15, 2023 7:56 PM - The Canadian Press
Monthly home sales in Canada fell last month.
According to a report released by the Canadian Real Estate Association on Wednesday, 33,921 homes were sold in October this year, which is a slight increase of 0.9 percent over the same month last year, but if we look at month-to-month, home sales are down by 5.6 percent.
During the period there was a slowdown in major markets.
Meanwhile, the national average home price has increased by 1.8 percent to $656,625 compared to a year ago.
Larry Cerqua, president of the association, said it appears that many potential buyers have changed plans.
The decline in home prices is still taking place mainly in Ontario, but the association says some areas of B.C. are also beginning to mellow down.
TD Bank economist Rishi Sondhi said current conditions favor buyers in BC and Ontario.
He said that prices are likely to decrease further in these two markets in the coming months.
