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Oct Housing Sales Continue Decline On Interest-Rate Drag

  • Canadian Real Estate Association says Wednesday Oct sales -5.6% MOM, the fourth consecutive decrease.
  • New listings -2.3% MOM, the first decline in 8M.
  • Sales fell more than new listings, sales-to-new listings ratio 49.5%, a 10-year low.
  • Average resale price +1.8% YOY; price index +1.1% YOY.
  • "Housing demand is extremely high all across the country, but October's resale data was further confirmation that it probably won't be manifesting itself in the existing home market for the remainder of this year and likely not until spring 2024 at the earliest," CREA says.
  • Housing market continues to weaken as interest rates bite; the BoC pause this spring caused resurgence in the housing market.
  • Affordability is close to surpassing the lowest levels in a generation.
  • There were 4.1 months of inventory, up from its low of 3.1 months in May. It remains below long-term average of near five months.

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