Canadian Home Sales Surge 30% Year-Over-Year in October

The unexpected rise in sales comes as the Bank of Canada continues to lower interest rates.

October home sales in Canada increased by 30% compared to the same month last year, according to the Canadian Real Estate Association (CREA).
On a seasonally adjusted basis, sales rose by 7.7% from September, reflecting a month-over-month increase.
The Greater Toronto Area British Columbia's Lower Mainland saw significant double-digit growth in sales activity.
CREA attributes the surge in sales to a burst of new listings in September, despite ongoing interest rate cuts by the Bank of Canada.
The national average home sale price in October was $696,166, marking a 6% increase from the previous year.