The Canadian Real Estate Association says last month's home sales amounted to the first monthly gain since February, but analysts say they don't expect the market to pick up just yet because conditions have sunk below pandemic highs.
However, compared with a year ago, home sales in October were down 36 per cent and analysts maintained it's a sign the slowdown that materialized earlier this year will stretch on. Rishi Sondhi of TD Economics, similarly said in a note to investors that "sales have already cratered by over 40 per cent since February, are trending at levels last consistently seen in 2012, and appear to have undershot levels in line with fundamentals like income and housing supply."
Meanwhile, sellers are still refusing to list properties unless they have to move because they have realized prices aren't as high as they were at the start of the year. "But, outside some areas, there’s not a bounty of listings to choose from, and sellers are still able to say 'no thanks' and pull listings."