The Canadian Real Estate Association released this morning its residential real estate market statistics for October 2024. Across the country, 44,041 sales were recorded last month, representing a 30% increase compared to October 2023. This marks a second consecutive monthly rise in sales.
“The Bank of Canada’s policy rate cuts, totaling 1.25 percentage points since June, already appear to be giving new momentum to the market. Another factor that supports expectations of increasing activity in the coming months is the possibility for first-time buyers to amortize their mortgage over 30 years starting December 15,” noted John Fucale, Vice-President of Broker Relations at Multi-Prêts Hypothèques.
Sales increased in every province without exception. The most significant gains were seen in the three largest provinces: Ontario (+37%), Quebec (+34%), and British Columbia (+34%).
The average price of residential properties (all categories combined) sold in October 2024 stood at $696,166, up 6% compared to the same month last year. This also marks a second consecutive monthly increase, following declines recorded between May and August.
Price increases were observed in all provinces, with the exception of British Columbia, where the average price remained stable. Alberta recorded the strongest price growth last month, at 10%.
Nationwide, the number of newly listed properties rose by 7% in October. According to the Canadian Real Estate Association, this increase in new listings helped fuel market activity, as some buyers appeared to be waiting for the right property to come onto the market.
Quebec is performing very well.
The residential real estate market performed very strongly in Quebec in October, with the number of sales rising by 34% and the average price increasing by 8% to reach $536,621.
Market activity was particularly strong in the province’s metropolitan areas, with transaction growth of 44% in Montreal, 42% in Saguenay, 40% in Sherbrooke, 30% in Gatineau, 24% in Quebec City, and 20% in Trois-Rivières.
[1] Based on transactions completed through the MLS® System of real estate brokers.