The Canadian Real Estate Association (CREA) recently released national sales statistics for September 2024.
Following the Bank of Canada’s third interest rate cut of the year, national home sales increased slightly in September compared to August. This follows a similar pattern of gains recorded in the months following the first two rate cuts.
“Sales gains are now three for three in the months following interest rate cuts, which is a trend even though the increases weren’t headline-grabbing,” said Shaun Cathcart, CREA’s Senior Economist. “That said, with the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now. This could further boost the rebound expected in 2025 at the expense of the last few months of this year.”
Highlights:
• National home sales rose 1.9% month-over-month in September.
• Actual (not seasonally adjusted) monthly activity came in 6.9% above September 2023.
• The number of newly listed properties jumped 4.9% month-over-month.
• The MLS® Home Price Index (HPI) inched up 0.1 % month-over-month but was still down 3.3% on a year-over-year basis.
• The actual (not seasonally adjusted) national average sale price was up 2.1% on a year-over-year basis in September.
Read the recently released national sales statistics for September of 2024.
UPDATE - CREA’s Residential Market Forecast for 2025.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com
Norm Fisher
Royal LePage Saskatoon Real Estate
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