Found 14 blog entries tagged as CREA.

On Tuesday, November 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of October. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members:

In a surprise to many, home sales recorded over Canadian MLS® Systems edged up 1.3% between September and October 2022.

To close observers, this should not come as a surprise given that month-to-month sales declines have been becoming increasingly smaller since May. For some, the change from negative to positive results is a big deal, if only psychologically.

A 1.3% increase may not seem like much since our natural inclination is to compare it to…

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housing shortage affordability crisis

The Canadian real estate market is experiencing a correction period. While many industry observers are stopping short of calling this downturn a crash, it is clear that the once-sizzling housing sector is being doused by rising interest rates and broader uncertainty surrounding market conditions. So, are we still experiencing an affordability crisis?

In September, the national average home price tumbled 3.9 per cent from the same time a year ago to $637,673, according to the Canadian Real Estate Association (CREA). Even when Toronto and Vancouver – two of the hottest housing markets in Canada – are eliminated from the equation, the typical residential property in the country sold for more than $500,000. While this is…

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With interest rates on the rise, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks reached earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away.

Some 532,545 properties are forecast to trade hands via Canadian MLS® Systems in 2022, a decline of 20% from the 2021 annual record. The downward revision from CREA’s June forecast was mostly the result of a downward revision to sales activity in Ontario, along with smaller revisions in British Columbia, Alberta and Quebec.


The national average home price is forecast to rise by 4.7% on an annual basis to $720,255 in 2022. That said, much of that increase reflects how…

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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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