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Home sales increased across Canada in October – CTV News

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The Canadian Real Estate Association (CREA) says last month’s home sales amounted to the first monthly gain since February, but analysts say they don’t expect the market to pick up just yet because conditions have sunk below pandemic highs.

The association revealed Tuesday that sales totalled 35,380 in October, a 1.3 per cent increase from September.

They were also up on a month-over-month basis in 60 per cent of all local markets with Greater Vancouver up six per cent, offset in part by a 2.4 per cent drop in Montreal.

However, compared with a year ago, home sales in October were down 36 per cent and analysts maintained it’s a sign the slowdown that materialized earlier this year will stretch on.

“Tumbleweeds continued to blow across the Canadian housing market in October, with activity very depressed,” said Robert Kavcic, a senior economist with BMO Capital Markets, in a note to investors.

He pointed out last month’s activity remained below the low end of pre-COVID norms and noted it was the quietest October for unit volumes since the economy was climbing out of a recession in 2010.

Rishi Sondhi of TD Economics, similarly said in a note to investors that “sales have already cratered by over 40 per cent since February, are trending at levels last consistently seen in 2012, and appear to have undershot levels in line with fundamentals like income and housing supply.”

Sondhi and Kavcic attributed much of the slowness to interest and mortgage rates, which have been hiked in recent months to combat an inflation level not seen in decades.

That’s weighed on consumer purchasing power and when combined with low levels of new listings, kept many buyers on the sidelines awaiting even further price drops.

Meanwhile, sellers are still refusing to list properties unless they have to move because they have realized prices aren’t as high as they were at the start of the year.

CREA found the number of seasonally-adjusted and newly-listed homes totalled 68,605, up 2.2 per cent on a month-over-month basis in October.

On a non-seasonally-adjusted basis, new listings hit 60,349, down 1.3 per cent from October 2021.

“We have a unique situation where demand has cracked and buyers can’t qualify for, or afford, early-year prices,” said Kavcic.

“But, outside some areas, there’s not a bounty of listings to choose from, and sellers are still able to say ‘no thanks’ and pull listings.”

Despite the lack of listings, the actual national average home price was $644,643 in October, down 9.9 per cent from the same month last year. On a seasonally-adjusted basis, it reached $643,743, down 0.6 per cent from a month earlier.

Kavcic and Sondhi agreed the downward price pressure will continue into next year because mortgage rates are pushing above five per cent and more interest rate hikes could be looming.

Sondhi has forecast average home prices retracing about half of the gains made during the pandemic, but cautioned supply levels represent a key risk to TD’s predictions.

“With homeowners feeling the pinch of higher monthly payments due to rising interest rates, some may be forced into listing their properties (although so far, the level of new supply hitting the market each month remains subdued),” Sondhi wrote.

“If a sufficiently large number of these homeowners end up listing their homes, it could downwardly pressure prices by more than we anticipate.”

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Sixth-ranked Canadian women to face World Cup champion Spain in October friendly

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September 17, 2024

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The sixth-ranked Canadian women will face World Cup champion Spain in an international friendly next month.

Third-ranked Spain will host Canada on Oct. 25 at Estadio Francisco de la Hera in Almendralejo.

The game will be the first for the Canadian women since the Paris Olympics, where they lost to Germany in a quarterfinal penalty shootout after coach Bev Priestman was sent home and later suspended for a year by FIFA over her part in Canada’s drone-spying scandal.

In announcing the Spain friendly, Canada Soccer said more information on the interim women’s coaching staff for the October window will come later. Assistant coach Andy Spence took charge of the team in Priestman’s absence at the Olympics.

Spain finished fourth in Paris, beaten 1-0 by Germany in the bronze-medal match.

Canada is winless in three previous meetings (0-2-1) with Spain, most recently losing 1-0 at the Arnold Clark Cup in England in February 2022.

The teams played to a scoreless draw in May 2019 in Logroñés, Spain in a warm-up for the 2019 World Cup. Spain won 1-0 in March 2019 at the Algarve Cup in São João da Venda, Portugal.

Spain is a powerhouse in the women’s game these days.

It won the FIFA U-20 World Cup in 2022 and was runner-up in 2018. And it ousted Canada 2-1 in the round of 16 of the current U-20 tournament earlier this month in Colombia before falling 1-0 to Japan after extra time in the quarterfinal.

Spain won the FIFA U-17 World Cup in 2018 and 2022 and has finished on the podium on three other occasions.

FC Barcelona’s Aitana Bonmati (2023) and Alexia Putellas (2021 and ’22) have combined to win the last three Women’s Ballon d’Or awards.

And Barcelona has won three of the last four UEFA Women’s Champions League titles.

“We continue to strive to diversify our opponent pool while maintaining a high level of competition.” Daniel Michelucci, Canada Soccer’s director of national team operations, said in a statement. “We anticipate a thrilling encounter, showcasing two of the world’s top-ranked teams.”

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This report by The Canadian Press was first published Sept. 17, 2024

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Former Oilers assistant GM Brad Holland follows his father out the door in Edmonton

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September 17, 2024

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EDMONTON – The NHL’s Edmonton Oilers announced Tuesday that assistant general manager Brad Holland is leaving the club.

The move comes almost three months after the departure of former Oilers general manager Ken Holland, Brad’s father.

Oilers chief executive officer and president of hockey operations Jeff Jackson said in a statement that Brad Holland and the team parted ways so Holland could “explore other opportunities.”

Holland, 43, joined the Oilers as a scout in 2019. He was promoted to assistant GM in July 2022.

He had a hand in building the team that advanced to Game 7 of the 2023-24 Stanley Cup final before losing to the Florida Panthers.

The Oilers hired former Chicago Blackhawks GM Stan Bowman to replace Ken Holland on July 1.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.



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Dolphins place Tua Tagovailoa on injured reserve after latest concussion, AP source says

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September 17, 2024

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MIAMI GARDENS, Fla. (AP) — The Miami Dolphins are placing Tua Tagovailoa on injured reserve after the quarterback was diagnosed with his third concussion in two years, a person familiar with the move told The Associated Press on Tuesday.

The person spoke on condition of anonymity because the team had not yet announced the move. Tagovailoa will be sidelined for at least four games with the designation.

He was hurt in the third quarter of a Thursday night game against the Buffalo Bills on a play where he collided with Bills defensive back Damar Hamlin. He ran for a first down and then initiated the contact by lowering his shoulder into Hamlin instead of sliding.

Players from both teams immediately motioned that Tagovailoa was hurt, and as he lay on the turf the quarterback exhibited some signs typically associated with a traumatic brain injury. He remained down on the field for a couple of minutes, got to his feet and walked to the sideline.

Tagovailoa this week began the process of consulting neurologists about his health. He was diagnosed with two concussions in 2022 and one while in college at Alabama.

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