{"id":20413,"date":"2022-11-15T14:36:17","date_gmt":"2022-11-15T19:36:17","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20413"},"modified":"2022-11-15T15:10:31","modified_gmt":"2022-11-15T20:10:31","slug":"crea-october-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-october-2022\/","title":{"rendered":"Has the Canadian Real Estate Market Adjusted to the Higher Cost of Borrowing?"},"content":{"rendered":"\n

The number of homes sold nationally climbed 1.3% from September<\/a> to October 2022. This is the first month we\u2019ve seen gains on a national level since February 2022<\/a>. The number of new listings also increased in October, indicating more inventory for buyers, especially in the Greater Toronto Area (GTA) and the B.C. Lower Mainland. Could this be a sign that buyers and sellers are now adjusting to the higher cost of borrowing and that the Canadian real estate market is on the upswing? <\/p>\n\n\n\n

Sales in More than Half of Local Markets Were Up in October<\/h2>\n\n\n\n

Sellers that have been sitting on a listing should be happy to hear that approximately 60% of local markets saw an increase in sales in October. With the largest gain of 6% in Greater Vancouver<\/a>, this may indicate that buyers are sick of sitting on the sidelines and are feeling more motivated to make their move. \u201cIn October, sales across the country increased for the first time since before interest rates started to rise last winter,\u201d said Jill Oudil, Chair of CREA. \u201cOf course, we\u2019ve known the demand was there, so it\u2019s just been a matter of some playing the waiting game as borrowing costs<\/a> and prices have adjusted,\u201d continued Oudil. <\/p>\n\n\n\n