October home sales continue at the slower pace begun with mortgage reforms

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OTTAWA - The Canadian Real Estate Association says the number of homes sold last month by its members was down slightly from September — continuing a trend begun in the summer when the latest mortgage reforms took effect.

CREA says about 13,000 houses and condos were sold in October through the industry-run MLS system, down about one-tenth of a per cent from September on a seasonally adjusted basis.

The national average home price through MLS was also virtually unchanged from October last year at $361,516, an increase of just $80.

However, the number of new listings across Canada fell by 3.8 per cent in October from September, keeping market balanced in terms of supply and demand.

There were 71,757 new listings in October, down from 74,618 in September.

Organizations: Canadian Real Estate Association

Geographic location: OTTAWA, Canada

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