The Canadian Real Estate Association (CREA), recently released national sales statistics for November of 2019.
According to the report, "Home sales recorded via Canadian MLS® Systems inched up by 0.6% November 2019. Notching its ninth straight monthly gain, activity stands 20% above the six-year low reached in February 2019 but 6% to 7% below heights recorded in 2016 and 2017."
"National measures of market balance continue to mask significant and increasing regional variations. The number of months of inventory has swollen far beyond long-term averages in Prairie provinces and Newfoundland & Labrador, giving homebuyers ample choice in these regions. By contrast, the measure is running well below long-term averages in Ontario, Quebec and Maritime provinces, resulting in increased competition among buyers for listings and providing fertile ground for price gains. The measure is still within a balanced market territory in the Lower Mainland of British Columbia but is becoming increasingly tilted in favour of sellers."
Highlights of CREA's report
- National home sales rose 0.6% month-over-month (m-o-m) basis in November.
- Actual (not seasonally adjusted) activity was up 11.3% year-over-year (y-o-y).
- The number of newly listed properties dropped by 2.7% m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 2.6% y-o-y.
- The actual (not seasonally adjusted) national average sale price climbed 8.4% y-o-y.
Read the entire report on Canadian MLS® sales for November 2019.
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