Canadian Housing Market Data for October 2024

Canada’s housing market buzzed with activity in October 2024 during a month with significant home sales and price changes across the country.

In October 2024, the national benchmark home price, which measures the price of a “typical” home, was $707,700, a 0.8% monthly decrease and down 3.2% year-over-year. However, it has jumped 77% over the past decade. The average home price in Canada is $696,166, a 4.0% increase from the previous month and a 6.0% increase from the previous year. That’s the highest that Canada’s average home price has been since June 2024.

Market Insights for October 2024

Sales

+22%

Year-over-Year

New Listings

-3.5%

Month-over-Month

Active Listings

+11.4%

Year-over-Year

Note: Sales are seasonally adjusted

Nationally, home sales reached 43,294 in October 2024, a seasonally adjusted 8.4% increase from the previous month and a 22% increase from the previous year. It’s the highest number of monthly home sales since April 2022. New listings were down 3.5% month-over-month, while active listings were up 11.4% year-over-year.

The large gain in home sales follows successive Bank of Canada rate <https://wowa.ca/bank-of-canada-interest-rate>  cuts in June, July, and September 2024. A 0.5% jumbo rate cut that occurred in late October 2024 will further help fuel buyer activity. That’s because the Bank of Canada's easing measures, aimed at stimulating economic growth, have reduced borrowing costs and lowered mortgage rates <https://wowa.ca/mortgage-rates>, drawing more buyers into the market.