"That said, some buyers may choose to remain on the sidelines until they see clearer signs of borrowing costs and prices also stabilizing," Oudil said in a news release.īut some economists expect further declines in the Canadian housing market as the Bank of Canada signals it will continue to aggressively hike interest rates.
However, on an annual basis, the index is up 7.1 per cent compared to 2021, the first single-digit increase in nearly two years.ĬREA chair Jill Oudil says August's smaller decline in sales, along with the stabilization of supply and demand conditions in several markets, "could be an early sign that this year's sharp adjustment in housing markets across Canada has mostly run its course." The MLS Home Price Index, which CREA says is a more accurate price comparison than the median or average price, fell 1.6 per cent compared to July, with the benchmark price dropping to $777,200. Home prices also fell on a monthly basis. Sales were down 1 per cent from July, marking the sixth straight month of decline, but August's drop was the smallest of the last five declines.ĬREA says the sales drop was driven by declines in Greater Vancouver, Calgary, Edmonton, Winnipeg and Halifax-Dartmouth, offsetting gains in the Greater Toronto Area (GTA) and other Ontario markets. National home sales fell 24.7 per cent on an annual basis last month, slightly less than the 29.4 per cent annual decline posted in July. However, the slowdown moderated in August. Read more: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada. The central bank most recently hiked its key rate by 75 basis points, bringing it to 3.25 per cent, the highest level since April 2008. The Canadian housing market has been going through a period of decline since the Bank of Canada began to aggressively tighten monetary policy in March and rapidly hike its benchmark interest rate.
It previously expected prices to rise by 10.8 per cent. CREA also expects home prices to increase by 4.7 per cent annually to $720,255, a figure the real estate group says reflects how high prices were to start the year. Home sales slowed in August and prices fell on a monthly basis, the latest decline in the wake of rising interest rates, prompting the Canadian Real Estate Association (CREA) to cut its home price forecast.ĬREA said Thursday it expects 532,545 properties to trade hands this year, a decline of 20 per cent from the 2021 record, and deeper than its previous estimate of a 14.7 per cent annual drop. TORONTO ON-August 05.Coming soon file images for any use real estate.
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