Home sales surge after Sept. supply bump: CREA [Video]

The Canadian Real Estate Association says the number of homes sold in October rose 30 per cent compared with a year ago, marking a shift from the market’s holding pattern.

On a seasonally adjusted month-over-month basis, national home sales rose 7.7 per cent from September, as 44,041 residential properties changed hands last month across Canada.

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The association said rising home sales activity was broad based, with the Greater Toronto Area and British Columbia’s Lower Mainland recording double-digit increases in October.

CREA senior economist Shaun Cathcart called the jump in sales a “surprise,” even as the Bank of Canada continues to lower its key interest rate.

The central bank has lowered its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, …