The Canadian Real Estate Association (CREA) recently released national sales statistics for October 2024.
Home sales activity recorded over Canadian MLS® Systems increased 7.7% month-over-month in October 2024, reaching its highest level since April 2022.
“The jump in home sales last month was an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should also be close to their expected lows. With that in mind, you can think of the October numbers as a preview for what we might expect next year.”
Highlights:
• National home sales jumped 7.7% month-over-month in October.
• Actual (not seasonally adjusted) monthly activity came in 30% above October 2023.
• The number of newly listed properties were down 3.5% month-over-month.
• The MLS® Home Price Index (HPI) edged down 0.1% month-over-month and was down 2.7% on a year-over-year basis.
• The actual (not seasonally adjusted) national average sale price was up 6% on a year-over-year basis in October.
Read the recently released national sales statistics for October of 2024.
UPDATE - CREA’s Residential Market Forecast for 2025.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com
Norm Fisher
Royal LePage Saskatoon Real Estate
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