Canadian home sales continued their upward climb in November, marking another strong month across MLS® Systems. Following October’s unexpected surge, sales rose another 2.8% month-over-month, stacking up to an impressive 18.4% increase since May – right before the first interest rate cut in early June.
Major markets like Greater Vancouver, Calgary, Greater Toronto, and Montreal led the charge, with notable double-digit sales spikes in smaller cities throughout Alberta and Ontario also making waves.
“Not only were sales up again, but with market conditions starting to tighten, we saw home prices make their first significant national jump in nearly 18 months,” shared Shaun Cathcart, CREA’s (The Canadian Real Estate Association) Senior Economist. “While the typical winter slowdown would be expected, the Bank of Canada’s bold 50-basis point rate cut and relaxed mortgage rules could keep this momentum rolling into a more active-than-usual winter market.”
Meanwhile, new listings dipped slightly by 0.5% in November, following a 3% drop in October. As a result, the national sales-to-new listings ratio tightened to 59.2%, climbing from 57.3% in October and shifting further above the long-term balanced market average of 55%.
What does this mean for you? Whether you’re considering buying, selling, or refinancing, staying informed about these market shifts can help you make strategic moves in 2025. Contact us at Pro Funds Mortgages to explore how you can take advantage of today’s evolving market.
Source: https://stats.crea.ca/en-CA/
