October to November Update

October to November Update

***Amidst the vibrant hues of the fall season, the Canadian real estate market continues its journey, providing a sense of stability for both buyers and sellers. In October, the national average home price in Canada saw a 1% uptick from the previous month and a 2% increase from the same period last year.

This pricing stability can be attributed, in part, to the Bank of Canada's decision to maintain policy interest rates at 5% in recent months.

The month of October witnessed the sale of 37,685 homes across Canada, reflecting an 8.0% increase compared to the previous year. Canada's MLS benchmark price, representing the standard cost of a Canadian house, stood at $741,000. Noteworthy is Canada's sales-to-new-listings ratio (SNLR), which reached 51% in October. A SNLR above 60% indicates a seller's market, while a SNLR below 40% suggests a buyer's market. While the overall market remains balanced, certain regions slightly favor sellers over buyers. This dynamic adds nuance to the broader narrative of stability within the Canadian real estate landscape.

For all your Real Estate requirements, get in touch with York National Realty Inc.

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