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October Home Sales Edged Back From Record High Set in September, Says CREA

Home sales in October set a record for the month, even as they fell back from the all-time monthly high set in September, the Canadian Real Estate Association (CREA) said on Monday. The association said October sales were down 0.7 percent from September. However, sales last month still set a record for October as they gained 32.1 percent compared with October last year. The national average home price also set another October record at $607,250, up 15.2 percent from the same month last year. Excluding sales in Greater Vancouver and the Greater Toronto Area, two of the most active and expensive housing markets, lowers the national average price by more than $127,000, CREA said. The housing market has been playing catch up this summer and fall from COVID-19 shutdowns that dampened the usually busy spring housing market. Shaun Cathcart, CREA’s senior economist, said that realtors may also be seeing a …