National home sales surge, prices rise amid interest rate cuts: CREA [Video]

The Canadian Real Estate Association says the number of homes sold in November rose 26 per cent compared with a year ago, marking the second straight month of large year-over-year gains.

A total of 37,855 homes changed hands last month across Canada, compared with 30,042 in November 2023, following a 30 per cent year-over-year increase of sales in October.

“We’re starting to see a little bit of consumer confidence make its way into the marketplace,” said Mike Heddle, a broker for Royal LePage State Realty in Hamilton, Ont.

“With lightening in the Bank of Canada’s interest rate policy, I think that’s bringing a little bit of confidence to some of those first-time buyers and maybe ‘move-up’ buyers.”

The Bank of Canada’s half-percentage-point cut last week marked the fifth consecutive time it has lowered its policy rate since June, bringing it to 3.25 per cent.

The association said rising home sales …