The Canadian Real Estate Association says seasonally adjusted home sales were down 3.3 per cent on a month-over-month basis in November.
The association said Thursday the move lower more than erased the gain seen in October and resumed the overall trend lower for the year.CREA said about 60 per cent of all local markets saw lower sales in November, led by Greater Vancouver and the Fraser Valley, Edmonton, the Greater Toronto Area and Montreal.
TD Bank economist Rishi Sondhi said demand continues to decline under the weight of rising interest rates. "An unanticipated surge in resale supply would undermine this view, but so far the rate at which new listings are hitting the market has been subdued."CREA said the sales-to-new listings ratio was 49.9 per cent in November compared with 50.9 per cent in October.
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