“Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank of Canada's latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.” in Canadian home sales, and November more or less followed suit. The latest statistics from the Canadian Real Estate Association , released Monday morning, show that actual, non-seasonally adjusted sales ended last month 26% above the year-ago level.
To Mabey’s point, there were just over 160,000 properties listed for sale across all MLS® Systems by the end of last month, and that number is up 8.9% year over year. The long-term seasonal average for the metric is 178,000 listings. Meanwhile, the non-seasonally adjusted version of the index ended last month 1.2% below the year-ago level. Without adjusting for seasonal effects, the national average home price was $694,411 in November 2024, representing a 7.4% rise year over year.