Home resales hit second-best October in nearly six years

October was another strong month in Canada's housing market , the second best in nearly six years. Average resale homes soared an annualized 15.6 per cent in the Greater Vancouver Area, while in Greater Toronto prices jumped 7.6 per cent. Outside of Toronto and Vancouver average prices rose just 2.50 per cent. Western markets, including Calgary, plunged 40 per cent, which pushed down the average price by 4.40 per cent.

October continued along a trend that has been driving the Canadian housing market for much of the year. Nationally, the average resale home price hit nearly $456,000 last month. Prices for detached houses continued to rise nationally twice as fast as condos, another trend that has been driving the housing market this year and one that is unlikely to change anytime soon.

The country's housing market remains near the top of a range that CREA considers being a balanced market. Eight of the country's largest housing markets are strongly in seller's territory, which CREA called the "tightest housing market conditions at the national level in almost 6 years."

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