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Another release of real estate numbers, another indication that several markets are settling down.
The national average sale price climbed 8.3 per cent in October from a year ago, according to new figures from the Canadian Real Estate Association, but excluding the Greater Toronto and Greater Vancouver areas, it increased by 2.5 per cent. "There was an even split between the number of markets where sales posted a monthly increase [over September] and those where sales declined," CREA noted. The average residential sale price dropped in five of 10 provinces from a year ago, with Alberta and Saskatchewan among those markets seeing declines.
"Canada's hot housing market days may be numbered," said economist Diana Petramala of TD Economics in a research note, adding that "we continue to anticipate a sharp moderation in housing activity next year as interest rates head higher."