Canada’s housing market sees unexpected October surge

• Canada's housing market sees a 30% surge in home sales in October compared to the previous year
• The Canada Mortgage and Housing Corp. reports a 6% rise in urban housing starts, totaling over 220,000 units annually
• Increased housing activity is noted in the Prairies, Quebec, and Atlantic provinces, while Ontario and B.C. face declines
• Sales growth is fueled by more listings and lower interest rates, with notable increases in the Greater Toronto Area and B.C.'s Lower Mainland

What to know: Canada's housing market awakened in October with home sales surging by 30% compared to the previous year, as well as an 8% increase in the annual pace of housing starts.

Start stats: The Canada Mortgage and Housing Corp. (CMHC) reported that the annual pace of urban housing starts rose 6% to over 220,000 units, and rural housing starts are estimated at an annual pace of nearly 18,000 units.

• Higher housing activity was observed in the Prairies, Quebec, and Atlantic provinces, while Ontario and B.C. experienced declines.
• YTD starts increased by 12% in Montreal, but decreased by 18% in Vancouver, and 21% in Toronto compared to 2023

Sales are up: The sales increase was largely driven by increased listings and lower interest rates, according to the Canadian Real Estate Association. The Greater Toronto Area and British Columbia's Lower Mainland experienced significant double-digit sales increases.

What's next: This is a developing story, as we're linking up with experts in each regional market to get an inside look at exactly what housing professionals are seeing on the ground. Check Insurely News for more insights as the week progresses...