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CANADA DATA: Home Sales Up 18% Since Start Of BoC Easing Cycle

CANADA DATA
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  • The Canadian Real Estate Association says existing home sales increased +2.8% MOM in November, and adds that sales have increased 18% since May, just before BOC's first interest rate cut in June.  
  • New listings -0.5% MOM after -3% in October.
  • Average resale price +7.4% YOY in November; Home Price Index -1.2% YOY.
  • “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,” said Shaun Cathcart, CREA’s Senior Economist. “Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank’s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.”
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  • The Canadian Real Estate Association says existing home sales increased +2.8% MOM in November, and adds that sales have increased 18% since May, just before BOC's first interest rate cut in June.  
  • New listings -0.5% MOM after -3% in October.
  • Average resale price +7.4% YOY in November; Home Price Index -1.2% YOY.
  • “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,” said Shaun Cathcart, CREA’s Senior Economist. “Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank’s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.”