Home resales rise unexpectedly in October

Sales of existing Canadian homes surged by 7.7 percent, month over month, in October, according to the Canadian Real Estate Association. Actual monthly activity (not seasonally adjusted) stood 30.0 percent above the previous October. New listings posted a 3.5 percent month-over-month decline in October, although that followed on the heels of a 4.8 percent jump in September, so new supply remains at some of the highest levels since mid-2022.