Found 6 blog entries tagged as home sales.

The Canadian housing market hasn’t seen a home sales situation like this since the summer of 2020.

National home sales dropped by 12.6% between March and April and actual (not seasonally adjusted) sales activity was down 25.7% from the record highs we saw in April 2021, according to the Canadian Real Estate Association (CREA).

Sales were down in 80% of Canadian markets in April 2022, save for Montreal, Halifax-Dartmouth and Victoria, B.C.

Why are home sales down?

“Housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,” said Jill Oudil, Chair of CREA. “For buyers, this slowdown could mean more time to consider options in the market. For…

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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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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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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

Home…

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Canadian home sales are falling, and that’s turning into a drag for home building intentions. Statistics Canada (Stat Can) data shows September permit values made a monthly increase. Despite the bump, values are still generally trending lower. Soft housing demand has residential permit values currently in a correction.

Canadian Building Construction Investment Is Trending Lower

Construction intentions bumped higher from a month before but didn’t break the trend. Building permit values reached a seasonally adjusted $10.1 billion in September. This is 4.3% higher than a month before and 4.9% higher than last year. Leaving it there, things would sound pretty good. However, there is a lot to unpack with this number.

Canadian Building Permit…

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The last 18 months have made for volatile market conditions, but according to the Canadian Real Estate Association (CREA), there has been more stabilization across the county.

Monthly snapshot

However, there is still lots of demand chasing a scarce amount of listings. As CREA’s Senior Economist and Director of Housing Data and Market Analysis Shaun Cathcart says in the latest housing market report, the market may remain challenging as we head into the twilight months of 2021.

As always, we will keep you posted on the pulse of the Canadian housing market. Check back next month to see October’s snapshot with the most up-to-date insights!

Remember, contact a REALTOR®  for detailed information about your neighbourhood and its price trends.

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