Canadian Home Sales Ease Again in September 2023: CREA

Canadian Home Sales Ease Again in September 2023: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for September of 2023.

Statistics1 released today by the Canadian Real Estate Association (CREA) show national home sales were down on a month- over-month basis in September 2023.

Home sales recorded over Canadian MLS® Systems posted a 1.9% decline between August and September 2023. While this marked the third straight month in a row of decrease, September’s drop was only about half as large as the one recorded in August. “With sales slowing and new listings returning to more normal levels, demand and supply are continuing to come into better balance, giving buyers more time and choice,” said Larry Cerqua, Chair of CREA. 

"Resale housing markets have settled down pretty quickly following this spring’s brief and somewhat surprising rebound in sales and prices,” said Shaun Cathcart, CREA’s Senior Economist. “With the inventory of homes for sale still historically low amid huge demand for housing in Canada, what happens next will depend on interest rates. Whether that means uncertainty about the possibility of further hikes, or just the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter-than-normal winter with all eyes on the Bank of Canada. We’ll see how buyers are feeling when the snow starts to melt.”

Highlights from this report:

  • National home sales declined 1.9% month-over-month in September.

  • Actual (not seasonally adjusted) monthly activity came in 1.9% above September 2022.

  • The number of newly listed properties jumped 6.3% month-over-month.

  • The MLS® Home Price Index (HPI) edged down 0.3% month-over-month but was up 1.1% year-over-year.

  • The actual (not seasonally adjusted) national average sale price posted a 2.5% year-over-year increase in September.

 Read the recently released national sales statistics for September of 2023.

Read also: CREA’s updated (October) Housing Market Forecast for 2023.

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Royal LePage Vidorra


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