Existing homes sales fell in October

Derek Vaillant || November 16, 2023

Derek Vaillant || November 16, 2023

Derek Vaillant || November 16, 2023

Sales of existing homes continued to fall in October while prices remained flat, the Canadian Real Estate Association (CREA) reported today.


Sales fell 5.6% from September but remain 0.9% above year-ago levels, according to the latest monthly data.


The average national selling price was $656,625, up 1.8% compared to a year ago. The MLS Home Price Index, which accounts for seasonality and differences in property types, posted a 0.8% monthly decrease but is also up 1.1% year-over-year.  


"We’re only in November, but it appears many would-be home buyers have already gone into hibernation,” said CREA chair Larry Cerqua. "The October numbers also revealed some sellers may be shelving their plans until next spring.”


New listings were down 2.3%, marking the first monthly decline since March. At the same time, inventory continued to build, with the months of inventory rising to 4.1 months. That’s up from a record low of 3.1 reached in May.


With the decline in sales outpacing the fall in new listings, the national sales-to-new listings ratio eased to a 10-year low of 49.5%.

Existing home sales data for November is expected to be released on December 15.

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Why should I use a mortgage broker?

There are several benefits to using a mortgage broker. Firstly, brokers have access to a wide range of lenders and loan products, allowing them to shop around and find the best mortgage options tailored to your needs. Additionally, brokers can provide personalized advice and guidance throughout the mortgage process, helping you navigate complex financial decisions. They also handle much of the paperwork and negotiation on your behalf, saving you time and stress. Overall, working with a mortgage broker can help you secure the most favorable terms and streamline the homebuying process.

Why should I use a mortgage broker?

There are several benefits to using a mortgage broker. Firstly, brokers have access to a wide range of lenders and loan products, allowing them to shop around and find the best mortgage options tailored to your needs. Additionally, brokers can provide personalized advice and guidance throughout the mortgage process, helping you navigate complex financial decisions. They also handle much of the paperwork and negotiation on your behalf, saving you time and stress. Overall, working with a mortgage broker can help you secure the most favorable terms and streamline the homebuying process.

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How are mortgage brokers paid?

Mortgage brokers are typically paid through commissions from lenders. When a borrower successfully obtains a mortgage through a broker, the lender pays the broker a commission, which is a percentage of the loan amount. This commission is usually a one-time payment and is disclosed to the borrower as part of the loan terms. It's important to note that while brokers are compensated by lenders, their primary goal is to find the best mortgage solution for their clients, as their reputation and future business depend on customer satisfaction.

How are mortgage brokers paid?

Mortgage brokers are typically paid through commissions from lenders. When a borrower successfully obtains a mortgage through a broker, the lender pays the broker a commission, which is a percentage of the loan amount. This commission is usually a one-time payment and is disclosed to the borrower as part of the loan terms. It's important to note that while brokers are compensated by lenders, their primary goal is to find the best mortgage solution for their clients, as their reputation and future business depend on customer satisfaction.

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The best type of mortgage depends on your financial situation and goals. Fixed-rate mortgages offer stable payments, while adjustable-rate mortgages may have lower initial rates but can fluctuate over time. We can discuss your options to find the best fit.

What type of mortgage is best for me?

The best type of mortgage depends on your financial situation and goals. Fixed-rate mortgages offer stable payments, while adjustable-rate mortgages may have lower initial rates but can fluctuate over time. We can discuss your options to find the best fit.

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The amount you can borrow depends on several factors, including your income, credit score, existing debts, and the lender's criteria. We can assess your financial situation to determine a suitable loan amount.

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The amount you can borrow depends on several factors, including your income, credit score, existing debts, and the lender's criteria. We can assess your financial situation to determine a suitable loan amount.

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What's the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate of how much you might be able to borrow based on basic financial information. Pre-approval involves a more thorough review of your finances, including a credit check, and provides a conditional commitment for a specific loan amount

What's the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate of how much you might be able to borrow based on basic financial information. Pre-approval involves a more thorough review of your finances, including a credit check, and provides a conditional commitment for a specific loan amount

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