The Canadian Real Estate Association said the number of homes sold in October was up 30 per cent from a year ago, marking a shift from the market holding pattern the association had previously described.

On a seasonally adjusted monthly basis, national home sales increased 7.7 percent compared to September.

The association says the increased home sales activity is broad-based, with the Greater Toronto Area and British Columbia’s Lower Mainland posting double-digit increases in October.

CREA senior economist Shaun Cathcart said the increase in sales was a surprise even as the Bank of Canada continued to cut key interest rates. He said the increase was likely related to an increase in new listings coming to market in September.

The national average sales price for October reached $696,166, up six percent from the previous year.

The number of newly listed properties decreased by 3.5 percent on a monthly basis.