Canadian home sales rise 26% in November

Home sales in Canada rose 26% in November compared to the same month in 2023, according to the Canadian Real Estate Association (CREA). A total of 37,855 homes were sold, continuing a trend of strong year-over-year gains following a 30% rise in October.

“Not only were sales up again, but with market conditions now starting to tighten up, November also saw prices move materially higher at the national level for the first time in almost a year and a half,” CREA senior economist Shaun Cathcart said. Mike Heddle, a broker with Royal LePage State Realty, attributed the boost in consumer confidence to the Bank of Canada’s recent interest rate cuts.

Despite these trends, affordability remains a challenge. Experts predict a competitive spring market, with some buyers opting to purchase now to avoid higher prices. Inventory levels remained below historical averages, with approximately 160,000 properties listed for sale.