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Home sales in October edged back from record high set in September: CREA

Last Updated Nov 16, 2020 at 10:28 am EDT

FILE - In this Oct. 22, 2019, file photo, a sign stands outside a home for sale in southeast Denver. On Friday, Feb. 21, 2020, the National Association of Realtors reports on sales of existing homes in January, (AP Photo/David Zalubowski, File)

OTTAWA — The Canadian Real Estate Association says home sales in October fell back from the all-time record high for monthly sales set in September.

The association says October sales were down 0.7 per cent from September.

However, sales last month still set a record for October as they gained 32.1 per cent compared with October last year.

RELATED: Toronto real estate at high risk of being in ‘bubble,’ according to global bank

The actual national average home price also set another record in October at $607,250, up 15.2 per cent from the same month last year.

CREA says excluding sales in Greater Vancouver and the Greater Toronto Area, two of the most active and expensive housing markets, lowers the national average price by more than $127,000.

The association noted that some 461,818 homes were sold over Canadian MLS systems in the first 10 months of the year, up 8.6 per cent from the same period in 2019.

CREA says it was the second-highest January-October sales figure on record, trailing only 2016.

This report by The Canadian Press was first published Nov. 16, 2020.

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