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The figure marked a 29 per cent increase compared with the same month last year, as the unadjusted residential benchmark price rose to $570,300, nearly nine per cent higher than September 2022.

But despite reporting year-over-year gains over the past four months, the board says year-to-date sales are still nearly 12 per cent lower than last year's levels.

It says inventory levels in September remained more than 24 per cent lower than levels last year and have not changed enough relative to sales activity to prompt a significant shift in supply and demand balances.

CREB chief economist Ann-Marie Lurie says strong interprovincial migration has boosted housing demand in the region despite higher lending rates and that "while new listings are improving, it has not been enough to take us out of sellers’ market conditions."

New apartment condominium listings in September were at the highest levels reported for the month, as year-to-date sales in the category reached 6,286 sales, a 25 per cent gain over last year.

This report by The Canadian Press was first published Oct. 3, 2023.

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The Canadian Press

The Canadian Press

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The Canadian Press is a national wire service that provides real-time stories for more than 600 media companies.

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