Canadian real estate sales decline in September

Residential real estate markets in British Columbia and Quebec experienced declines in home sales during September.

In British Columbia, sales fell approximately 9 per cent compared to the previous year, with just over 5,250 homes sold. This figure represents a 26 per cent decrease from the 10-year average for the month. The British Columbia Real Estate Association noted that sales volume dropped to $4.9 billion, while the average price on the Multiple Listing Service decreased by 2.4 per cent to just over $924,000. Economists suggest that speculation regarding potential interest rate hikes by the Bank of Canada, driven by spiking oil prices, has impacted the market.

In the Montreal area, home sales decreased by 11.6 per cent year-over-year, with 3,082 residential properties sold in September. Despite the drop in sales, the Quebec Professional Association of Real Estate Brokers reported that the market remains imbalanced. While new listings rose by 7.2 per cent and total inventory increased by 19.9 per cent, sellers continue to maintain strong negotiating positions across the province.