Canadian home sales, prices up in October on the month

FILE PHOTO: A realtor's sign stands outside a house for sale in Toronto, Ontario, Canada May 20, 2021. REUTERS/Chris Helgren/File Photo

OTTAWA (Reuters) - Canadian home sales rose 8.6% in October from September and the average selling price jumped on the month as buyer demand outpaced supply, data from the Canadian Real Estate Association showed on Monday.

The national average selling price was C$716,585 ($572,078) in October, up 2.8% from September and jumping 18.2% from a year earlier, the industry group’s data showed.

Actual sales, not seasonally adjusted, fell 11.5% from a year earlier, while CREA’s Home Price Index was up 23.4% on the year and up 2.7% from September.

($1 = 1.2526 Canadian dollars)

Reporting by Julie Gordon in Ottawa