canadian housing market Photo: Samantha Marx/Flickr

National home sales declined by 0.1 per cent from October to November, according to new data released today by the Canadian Real Estate Association (CREA). (Tweet this)

While activity was little changed month-over-month, November’s sales numbers were much higher than November 2012 levels, climbing 5.9 per cent year-over-year.

The national average sale price increased by 9.8 per cent over November 2012 to $391,085 while the MLS Home Price Index rose 4.1 per cent year-over-year, with price growth increasing among all property types except townhouse/row units.

In a press release accompanying the report, CREA said national sales activity in November stood 3.4 per cent below the peak reached in September. This provides more evidence that the significant increase in activity in the late summer and early fall was “likely boosted by homebuyers with pre-approved mortgages at lower than current interest rates jumping into the market before their pre-approvals expired.”

“While there has been a lot of volatility in sales activity from month to month, sales for the year to date are on par with fairly steady levels posted for the same time period in each of the past five years,” said CREA Chief Economist Gregory Klump.

In its new monthly report, CREA maintained the view that the Canadian market is in balanced territory as the sales-to-new listings ratio stood at 53.4 per cent in November. CREA also projects that 475,000 homes will be sold nationally in 2014, up from the 458,200 it expects to sold by the end of 2013.

“Most of the increase reflects the weak start to 2013, which is not expected to recur in early 2014,” said CREA.

Here are a few more highlights from the new report:

  • The number of newly listed homes rose 1.8 per cent from October to November. (Tweet this)
  • A total of 434,678 homes have been sold across Canada so far this year.
  • The MLS Home Price Index rose 8.82 per cent year-over-year in Calgary, 5.69 per cent in Greater Toronto and 1.02 per cent in Greater Vancouver.

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