The Canadian Real Estate Association said seasonally adjusted home sales fell by 3.3 percent month-over-month in November.

The association also said on Thursday that this move more than erased the gains seen in October and resumed the downward trend for the year.

CREA said about 60 percent of all local markets saw a decline in sales in November, led by Greater Vancouver, Fraser Valley, Edmonton, the Greater Toronto Area, and Montreal.

Compared to last year, actual home sales in November fell by 38.9 percent compared to November 2021.

Rishi Sundi, an economist at TD Bank, said demand continues to decline under the pressure of rising interest rates.

Sundi also wrote in one report: "Weak sales activity should lead prices to decline in the near term. However, our forecasts call for the average price to adjust only partially back from its pre-pandemic gains when it finally declines. The unexpected rise in resale supply would undermine this view, but so far the rate at which new listings hit the market has been weak."

The number of newly listed homes fell by 1.3 percent month-over-month in November.

CREA also said that the sales-to-new listings ratio was 49.9 percent in November compared to 50.9 percent in October.

The actual national average home price reached $632,802 in November, down 12 percent from the same month last year.

Home sales and prices declined this year as rising interest rates increased borrowing costs for Canadians.

Major banks in the country raised interest rates as the Bank of Canada raised its key interest rate target seven times this year in an effort to control inflation.