Housing Market Statistics | November 2019
Canadian home sales hold steady in October
National Home Sales

Home sales recorded via Canadian MLS® Systems remained steady in October 2019 following a string of monthly increases that began in March. Activity is now almost 20% above the six-year low reached in February 2019 but remains 7% below heights reached in 2016 and 2017.

Actual Activity

Actual (not seasonally adjusted) activity rose 12.9% year-over-year. Transactions were up from year-ago levels in 80% of all local markets in October, including all of Canada’s largest urban markets.

“ Steady national activity in October hides how the mortgage stress-test remains a drag on many local housing markets where the balance between supply and demand favours homebuyers in purchase negotiations. "
~ Jason Stephen, CREA President
Newly Listed Homes

The number of newly listed homes fell by 1.8% in October, with the GTA and Ottawa posting the largest declines. Almost a third of all housing markets posted a monthly decline of at least 5%, while about a fifth of all markets posted a monthly increase of at least 5%.

MLS® Price Index

The Aggregate Composite MLS® Home Price Index (MLS® HPI) rose 0.6%, marking its fifth consecutive monthly gain.

National Average Sale Price

The actual (not seasonally adjusted) national average price for homes sold in October 2019 was around $525,000, up 5.8% from the same month last year.

“ It’s a full-blown buyer’s market or on the cusp of one in a number of housing markets across the Prairies and in Newfoundland. Homebuyers there have the upper hand in purchase negotiations and the mortgage stress-test has contributed to that by reducing the number of competing buyers who can qualify for mortgage financing while market conditions are in their favour. ”
~ Gregory Klump, CREA Chief Economist

The national average price is heavily skewed by sales in the GVA and GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from calculations cuts almost $125,000 from the national average price, trimming it to around $400,000 and reducing the year-over-year gain to 4.7%.