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The growth was particularly notable in areas such as Greater Toronto and the Lower Mainland region in British Columbia, which reported double-digit increases in sales. Despite the upward trend, some economists, such as Shaun Cathcart from the Canadian Real Estate Association (CREA), highlighted that the sales surge was a “surprise,” considering that the Bank of Canada is still lowering its interest rates. Since June, the central bank has cut its key rate four times, including a half-point reduction on October 23, allowing buyers to return to the market more confidently.

Jason Ralph, a real estate agent in Ottawa, commented that while real estate activity usually increases in the fall, October’s results exceeded his expectations. However, he noted that the recovery appears gradual, driven by the Bank of Canada’s strategy of lower interest rates, but not by a significant surge in purchases, as occurred during the pandemic.

Regarding supply, September saw a 4.8% increase in new properties for sale, contributing to the sales rebound. However, economists warn that no other significant growth is expected until next spring when mortgage rates should reach their anticipated lowest levels.

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