OTTAWA — Sales of existing homes in Canada edged down by 1.6 percent on a monthly basis in November, according to the Canadian Real Estate Association, yet continued to run well above historical levels. Activity was up 32.1 percent year-over-year, matching October’s gain. November’s numbers marked a new record for that month by a margin of well over 11,000 transactions.
For the fifth straight month, year-over-year sales activity was up in almost all Canadian housing markets compared to the same month in 2019. Among the few markets that were down on a year-over-year basis, it is likely the handful from in Ontario reflect a supply issue rather than a demand issue.
