This October there were 491 homes sold through MLS® which is a 39.7 percent decrease from October 2021 and a decrease of 36.2 percent from the previous 5-year average for the month. The average number of days on the market this month was 22, compared to 10 days in October 2021 and 14.6% above the previous 5-year average of 19. The total number of homes available for sale in active status at the end of October was 928, an increase of 134.9 percent compared to October of last year, and 34.9 percent below the previous ten-year average of 1425 listings for the month. “Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September,” says Megan Bell, President of WRAR. “Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.”

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Read the full article about the October market stats here!