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In November, home sales in Canada increased by 26% year-over-year, marking the second consecutive month of significant gains. On a month-over-month basis, national home sales rose by 2.8% from October, with stronger activity in cities like Greater Vancouver, Calgary, Greater Toronto, Montreal, and select smaller cities in Alberta and Ontario.

The rise in sales is attributed to factors such as the Bank of Canada's recent interest rate cut and relaxed mortgage rules, which may contribute to a more active winter real estate market. This is highlighted by CREA senior economist Shaun Cathcart.

The national average sale price in November increased by 7.4% year-over-year, reaching $694,411. However, the number of newly listed properties decreased slightly by 0.5% from October.

Read the full article on: CTV NEWS