October home sales in Canada up 1.8% from September, CREA says

The national rise was driven by gains in Vancouver and Toronto

The Canadian Real Estate Association says the number of homes sold through its Multiple Listing Service was up 1.8% in October compared with September.

Overall, the number of markets where sales posted a monthly increase and those where sales fell were evenly split.

The national rise was driven by gains in the Vancouver region and the Greater Toronto Area.

Compared with a year ago, sales were up 0.1%.

The national average price for homes sold in October was $454,976, up 8.3% on a year-over-year basis.

However, excluding the Greater Vancouver and Greater Toronto markets, the average was $339,059, up 2.5% from a year ago.

The national sales-to-new listings ratio was 57.9% in October. CREA says a sales-to-new listings ratio between 40 and 60% is generally consistent with balanced housing market conditions.