Canadian home sales dropped for the first time since April, as the real estate rush of recent months wanes.
National homes sales declined 0.7 per cent in October from a month earlier, the Canadian Real Estate Association reported Monday. Benchmark prices rose one per cent from a month earlier, bringing the gain since April to seven per cent.
Canada’s housing market boomed over the summer on record-low interest rates, pushing prices and sales to record highs. But recent data show signs of cooling, though conditions remain fairly tight. There were just 2.5 months of inventory nationwide, the lowest level on record.
New listing climbed 2.9 per cent in October. The overall gain in supply was driven by listings in the Toronto area, the lower mainland of British Columbia and Ottawa, CREA said. The national sales to new listing ratio was 74.3, still well above the long-term average of 54.1 per cent
--With assistance from Erik Hertzberg and Ari Altstedter.