November sees a 3% rise in Canadian existing-home sales

Posted on December 17, 2024   |  

In November, existing-home sales activity increased by 2.8%, building on October’s rise. 

Sales are now 18.4% higher than in May, just before the first interest rate cut in early June.

The National Composite MLS® Home Price Index rose by 0.6%, the largest month-over-month increase since July.

New listings decreased by 0.5% in November, following a 3% decline in October.

The national sales-to-new listings ratio tightened to 59.2% in November, up from 57.3% in October. 

This ratio had been between 52–53% from April to September.

The long-term average for the national sales-to-new listings ratio is 55%, which indicates balanced housing market conditions. 

A ratio between 45–65% is generally consistent with these conditions.

At the end of November, there were 3.7 months of inventory on a national basis, down from 3.8 months in October and the lowest level in 14 months.

The long-term average for inventory is 5.1 months, with a seller’s market characterized by inventory below 3.6 months and a buyer’s market characterized by inventory above 6.5 months.