Canadian Real Estate Association reports home sales down in November

OTTAWA –

The Canadian Real Estate Association says seasonally adjusted house gross sales had been down 3.3 per cent on a month-over-month foundation in November.

The affiliation says the transfer decrease greater than erased the acquire seen in October and resumed the general pattern decrease for the yr.

The drop got here because the variety of newly listed properties fell 1.3 per cent on a month-over-month foundation in November.

Home gross sales and costs have fallen this yr as rising rates of interest have elevated the price of borrowing for Canadians.

Compared with a yr in the past, precise house gross sales in November had been down 38.9 per cent in contrast with November 2021.

The precise nationwide common house worth was $632,802 in November, down 12 per cent from the identical month final yr.

This report by The Canadian Press was first printed Dec. 15, 2022