OTTAWA -- The Canadian Real Estate Association says home sales in October ticked higher compared with September led by the Toronto region and the Fraser Valley in B.C.
The association says the number of homes sold through its MLS system in October was up 0.9 per cent from the previous month.
The increase in sales came as the number of newly listed homes slipped 0.8 per cent in October following a jump of more than five per cent in September.
The national sales-to-new listings ratio rose to 56.7 per cent in October from 55.7 per cent in September. CREA says a national sales-to-new listings ratio of between 40 per cent and 60 per cent is generally consistent with a balanced market.
Compared with a year ago, the number of homes sold in October fell 4.3 per cent.
The national average price for a home sold in October was $505,937, up five per cent from a year ago. Excluding Greater Vancouver and Greater Toronto, the average price was just over $383,000.
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