Canadian Real Estate Association reports home sales down in November

OTTAWA –

The Canadian Real Estate Association says seasonally adjusted home sales were down 3.3 per cent on a month-over-month basis in November.

The association says the move lower more than erased the gain seen in October and resumed the overall trend lower for the year.

The drop came as the number of newly listed homes fell 1.3 per cent on a month-over-month basis in November.

Home sales and prices have fallen this year as rising interest rates have increased the cost of borrowing for Canadians.

Compared with a year ago, actual home sales in November were down 38.9 per cent compared with November 2021.

The actual national average home price was $632,802 in November, down 12 per cent from the same month last year.

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