Home prices were up 18% annually in Canada last month
Global News
Rising home prices mean it's time for the government and regulatory bodies to rein in current conditions, one economist said.
The Canadian Real Estate Association says home sales across the country saw their largest month-over-month increase since July 2020 in October, even as new listings fell by about 20 per cent from a year ago.
The association says last month’s seasonally-adjusted sales reached 53,746, up about nine per cent from 49,485 in September.
On a non-seasonally-adjusted basis, sales totalled 52,538, down 11.5 per cent from 59,344 last October.
Realtors and economists interpreted the year-over-year drop in sales along with the shrinking inventory levels and rising prices as a sign of further market tightening.
While buyers rushed to buy properties at the end of last year, even as COVID-19 restrictions ruined their holiday plans and kept them physically-distanced, this year is shaping up to be different.
“Buyers are very discouraged, very tired, and they just feel like they’re constantly being priced out,” said Nasma Ali, a broker with Remax Hallmark Realty.
“A lot of buyers are starting to say maybe it’s not in the books for us this year, and maybe we should take a break and start looking in the new year.”
They’re discouraged because fewer homeowners are willing to put their homes on the market.
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