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Home Sales Decreased Slightly in Canada in October

Note: The data presented below are not seasonally adjusted so that they can be compared with data published by the QFREB. The Canadian Real Estate Association (CREA) publishes seasonally adjusted data in its monthly news release. As a result, there are certain differences between this document and CREA’s publication.

According to The Canadian Real Estate Association, there were 35,971 residential sales transactions in Canada in October 2012, a 0.8 per cent decrease compared to October 2011. Note that sales had decreased by 8.9 per cent in August and by 15.1 per cent in September. The sales decrease in October affected the provinces of British Columbia (-10 per cent), Newfoundland (-3.9 per cent), Ontario (-2.8 per cent) and Québec (-2.2 per cent). Alberta registered the largest increase in sales with a 17.5 per cent jump compared to October 2011.

Source: The Canadian Real Estate Association

The average price for all properties sold in Canada reached $361,516 in October 2012, a price similar to that of October 2011. CREA noted that the national average price continues to be pushed downwards due to decreased sales in areas where properties are more expensive. For example, if we take Vancouver and Toronto out of the equation, we obtain a 2.5 per cent increase in average price in Canada in October 2012.

Source: The Canadian Real Estate Association

To read the official CREA release, click here.

Details About Canada’s Resale Market

Data on Canada’s resale market are published monthly (around the 15th day of each month) by The Canadian Real Estate Association (CREA).

The Resale Market in Canada and the Resale Market in Québec

The evolution of Canada’s resale market is a good point of comparison with real estate activity here in Québec. It is particularly interesting to compare resale market conditions in Canada’s large urban centres. Resale market activity throughout the rest of Canada may affect the housing market here in Québec due to its potential influence on consumer confidence. For example, difficulties in Western Canada’s real estate market may have a negative impact on Québec consumers, as they may worry about a potential deterioration of Québec’s real estate market.