Home sales edged higher, prices moderated in October

There was an increase in the volume of home sales in October compared to the previous month.

Data from the Canadian Real Estate Association showed a 1.8 per cent rise nationally, near the 2015 peak and the second highest monthly rise in six years.

Non-seasonally-adjusted figures show the increase year-over-year was 0.1 per cent. The monthly increase in the number of new listings was 0.9 per cent.

There was an even split between markets where there was an increase and those that declined.

The national increase was driven by monthly sales gains in the Lower Mainland of British Columbia together with the Greater Toronto Area and surrounding areas, led by the York Region, Central Toronto, and Hamilton-Burlington. Annual sales gains were offset considerably by decline in Calgary.

The actual (not seasonally adjusted) national average price for homes sold in October 2015 was $454,976, up 8.3 per cent on a year-over-year basis.

The Aggregate Composite MLS HPI rose by 6.70 per cent on a year-over-year basis, a slightly more modest increase compared to the increase in September (6.90 per cent).

Price increases continue to be driven by Toronto and Vancouver, while Calgary,Saskatoon and Regina are lower year-over-year.