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Scorching Toronto, Vancouver housing markets push Canadian home sales higher in October

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Blog by Jason Wilson | November 18th, 2015


OTTAWA — Canadian home sales grew in October to the second-highest levels in almost six years as demand remained strong in the red-hot real estate markets in Vancouver and the Greater Toronto Area.

The Canadian Real Estate Association said Monday the number of homes sold through its Multiple Listing Service was up 1.8 per cent in October from the previous month.

However, the gains weren’t shared across the country, as the number of markets where sales posted a monthly increase and those where sales fell were evenly split.

Compared with a year ago, sales rose 0.1 per cent.

BMO chief economist Doug Porter said the housing market has split into three groups with Toronto and Vancouver too hot for comfort, the Prairies hit by the sliding price of oil and a middle ground which includes places like Ottawa and Montreal.

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