![]() housing bust in 2008 when the Bank of Canada largely followed the Federal Reserve, despite the substantial economic differences at the time. It will really come down to whether the Bank of Canada has to increase interest rates again, or whether by next March it’s simply a matter of how soon we’ll see the Bank make its first cut.This aversion to currency strength was amplified after the U.S. “The rebound in activity this past spring was an example of what we might see next year. “We know housing demand is extremely high all across the country, but October’s resale data was further confirmation that it probably won’t be manifesting itself in the existing home market for the remainder of this year and likely not until spring 2024 at the earliest,” Shaun Cathcart, CREA’s senior economist, said in the release. This is up from the low of 3.1 months of inventory in May, but is still below the long-term average for Canada, which is nearly five months of inventory. The biggest increase in the average residential price was in New Brunswick, where the average price of a home in October 2023 was more than 12 per cent higher than what it was in October 2022.Īccording to CREA, at the end of October 2023, there were enough properties on the market that it would take 4.1 months to sell them all at the current pace of sales-a metric known as “months of inventory.” Nationally, the average home price was around $656,000 in October, according to CREA, an increase of 1.8 per cent compared to October 2022.Ī graph comparing the average residential price in different regions of Canada in October 2023 compared to October 2022 showed that residential pricing has increased across 10 provinces, with only Newfoundland and Labrador seeing a two per cent drop in pricing. However, the prices are up when compared to yearly data. “While price declines are still mainly an Ontario phenomenon, home prices are also now starting to soften in parts of British Columbia,” the release stated. ![]() Month by month data found that average home prices declined by 0.8 per cent this October compared to the previous month. A ratio that hovers around the middle of the percentage scale indicates a more balanced market.Īccording to CREA, Canada’s “long-term average” sales-to-new listings ratio is around 55 per cent, and it spiked to 67.9 per cent in April.Īlthough home sales are continuing to dip this fall, the housing market was still more active this October than it was the previous year-the actual number of home sales in October was 0.9 per cent above what it was in October of 2022, according to CREA. A lower percentage indicates a buyer’s market, meaning it’s a good time to buy, because there are more sellers than there are buyers. A higher percentage for this ratio indicates that it’s a seller’s market, meaning it’s a good time to sell because buyers will be competing to secure your listing. The sales-to-new listings ratio is a way that real estate experts analyze the relationship between how many homes sold in a given time period versus how many new listings were added to the market. Canada This Month newsletter: Sign up to read the best our local outlets have to offer.The information you need to know, sent directly to you: Download the CTV News App.This meant that the sales-to-new listings ratio slipped to 49.5 per cent, which CREA says is a “10-year low.” The number of new listings also fell by 2.3 per cent in October compared to the previous month. “The October numbers also revealed some sellers may be shelving their plans until next spring.” “We’re only in November, but it appears many would-be home buyers have already gone into hibernation,” Larry Cerqua, chair of CREA, said in a release. The data, released Wednesday by CREA, showed that Canadian home sales are continuing to see a downward trend, falling by 5.6 per cent in October. Canada’s housing market is still in a slump, with fewer properties being listed and fewer sales being made, according to new monthly data from the Canadian Real Estate Association (CREA).
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