Found 11 blog entries tagged as CREA.

Home Sales Forecast to Ease but Remain Historically Strong in 2022-2023

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations in 2022 and extended the forecast into 2023.

Home sales have kicked off 2022 below 2021 levels, while price growth has continued to set records. This is consistent with strong demand meeting end-of-month inventory levels that are lower than they have ever been.

Along with the ongoing supply crisis, the other main factor expected to impact housing markets this year and next will be higher interest rates.

While discounted five-year mortgage rates have already begun to rise – a…

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Canadians looking to purchase a home will be happy to hear there was a jump in new listings that hit real estate markets across the country in February 2022.

The number of newly listed properties jumped 23.7% month-over-month in February. That would have been an all-time record had it not been for the exceptional May and June Canada’s housing market experienced in 2020 following the first wave of the COVID-19 pandemic.

The latest data from the Canadian Real Estate Association (CREA) shows Canadians took advantage of the increase in supply as national home sales rose 4.6% from January to February 2022. Year-over-year, February’s home sales are down 8.2% compared to a record-breaking February 2021.

During CREA’s latest Monthly Housing Market…

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Canadian real estate in downtown Vancouver condos

Just when you thought the price of Canadian real estate couldn’t get any higher, the latest data show the market continues to defy expectations – and gravity. Industry experts see no end to rising prices, in the face of growing demand and the ongoing housing supply shortage. Many young Canadians have been priced out, while older ones are increasingly dipping into their own savings to help their children get a foot in the door. Industry experts maintain that adding more housing supply into the mix is the only way to ease runaway prices.

Canadian Real Estate Prices Break Records in February 2022

February was a record-breaking month, according to the Canadian Real Estate Association (CREA), when the average home price in…

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The latest data from the Canadian Real Estate Association (CREA) shows the actual average Canadian home price hit a record $748,450 in January 2022, up 21% from the same month last year.

On a month-over-month basis, national home sales edged up 1%, yet the number of newly listed properties dropped 11% from December, helping to create some of the tightest market conditions ever recorded.

The sales-to-new listings ratio rocketed from 78.7% in December to 89.4% in January—to put this into perspective, the long-term average is 55%.

While January 2022 home sales were 10.7% lower compared to this time last year, it’s still the second-highest level on record for that month.

“The ideal situation between now and the summer would be that a huge…

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The COVID-19 pandemic has paved an unexpected path to homeownership for many young Canadians. Sure, mortgage rates fell to historically low rates, but a severe lack of supply and highly competitive sellers’ markets meant many Millennials and Gen Zers were left watching from the sidelines.

As restrictions loosened and life returned back to “normal”, demand for housing increased, pushing prices up in the process. As of November 2021, the average price for a home in Canada was $720,854, a 19.6% year-over-year increase according to data from the Canadian Real Estate Association (CREA).

So what exactly does homeownership currently look like for younger generations?

When it comes to where and how younger generations are choosing to live, it turns…

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Statistics released by the Canadian Real Estate Association (CREA) show national home sales remained historically high in December 2021, as the end-of-month supply of properties for sale hit an all-time low.

HIGHLIGHTS

  • National home sales inched up 0.2% on a month-over-month basis in December.

  • Actual (not seasonally adjusted) monthly activity came in 9.9% below the record posted in December 2020.

  • The number of newly listed properties fell 3.2% from November to December.

  • The MLS® Home Price Index (MLS® HPI) rose 2.5% month-over-month and was up a record 26.6% year-over-year.

  • The actual (not seasonally adjusted) national average sale price posted a 17.7% year-over-year gain in December. 

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  • Compared to 2020, home sales increased across Canada
  • The price of homes across Canada increased compared to 2020
  • Housing inventory hit an all time low
  • The price of homes sold reached an historic high
  • Record number of closings with over 115,000 more sales than in 2020, beating the record for that year




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Canadian real estate prices are soaring at the fastest pace ever, yet the national numbers downplay growth. Canadian Real Estate Association (CREA) data shows home prices continued to soar in December. Over just 31 days, a “typical” home added up to $40,000 in one market. Over the past year, prices have increased more than ten times that monthly surge.

A Typical Home Across Canada Increased $16,700 Last Month

Canadian home prices are rising at one of the fastest rates ever. The composite benchmark (a.k.a. a typical home) reached $798,200 in December, up 2.1% ($16,700) compared to a month before. The benchmark is now a whopping 26.6% ($167,500) higher than last year. Both are large gains, but this is the index — many markets outperform even…

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Canada’s real estate industry is ratcheting up expectations for next year. The Canadian Real Estate Association (CREA) is forecasting huge growth for the average home price in 2022. Just six months ago, they had been expecting the boom in 2021 to be followed by slow growth. Now in a market flooded with easy money, they see 12x the rate of growth previously forecast in the summer. 

Canadian Real Estate Prices Are Forecast To Rise 8% In 2022

The latest CREA forecast shows huge growth next year, slow only in contrast to 2021. Canada’s average sale price is forecast to hit $739,495 in 2022, up 7.6% from the previous year. They also see big gains in Ontario (+11.5%), New Brunswick (+11.4%), and Nova Scotia (+11.+2%). BC underperforms at…

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Statistics released by the Canadian Real Estate Association (CREA) show national home sales have already set a new annual record in 2021.

HIGHLIGHTS

  • National home sales rose 8.6% on a month-over-month basis in October.

  • Actual (not seasonally adjusted) monthly activity was down 11.5% on a year-over-year basis.

  • The number of newly listed properties climbed by 3.2% from September to October.

  • The MLS® Home Price Index (MLS® HPI) rose 2.7% month-over-month and was up 23.4% year-over-year.

  • The actual (not seasonally adjusted) national average sale price posted an 18.2% year-over-year gain in October.


 NATIONAL RESIDENTIAL STATISTICS

National Residential Statistics

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