The Canadian Real Estate Association (CREA) recently released national sales statistics for December 2022.
"Home sales recorded over Canadian MLS® Systems edged up by 1.3% between November and December 2022. Gains were led by Ottawa and Edmonton.
"The actual (not seasonally adjusted) number of transactions in December 2022 came in 39.1% below a near-record for that month last year.
“The housing market story of 2022 was about high inflation and rising interest rates. The 2023 market will depend on the timing and extent those factors move back in the other direction,” said Shaun Cathcart, CREA’s Senior Economist. “Demand for housing continues to grow and supply remains the biggest issue across the entire spectrum. Whether that plays out in the rental market in 2023 or shifts back over into the ownership space is a matter of how quickly the Bank of Canada can get inflation under control and starts turning the dial back down on borrowing costs.”
Highlights of CREA's Report
• National home sales rose 1.3% month-over-month in December.
• Actual (not seasonally adjusted) monthly activity came in 39.1% below December 2021.
• The number of newly listed properties dropped 6.4% month-over-month.
• The MLS® Home Price Index (HPI) declined by 1.6% month-over-month and was down 7.5% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 12% year-over-year decline in December.
Read the recently released national sales statistics for December of 2022.
Read also CREA's Housing Market Forecast for 2023.
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