Canadian Home Sales Fall Back in August 2023: CREA

Canadian Home Sales Fall Back in August 2023: CREA

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

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

Home sales recorded over Canadian MLS® Systems posted a 4.1% decline between July and August 2023.

“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. 

There were 3.4 months of inventory on a national basis at the end of August 2023, up from 3.2 months in July. While the measure is up a bit from its recent low of 3.1 months in May and June, it remains below the second half of 2022 and well below its long-term average of about five months.”

Saskatoon bucked the national trend as residential sales grew to 538 in August, up 37 from July, and higher than last August by 88 sales.

Highlights from this report:Highlights:

•              National home sales declined 4.1% month-over-month in August.

•              Actual (not seasonally adjusted) monthly activity came in 5.3% above August 2022.

•              The number of newly listed properties edged up 0.8% month-over-month.

•              The MLS® Home Price Index (HPI) climbed 0.4% month-over-month and was also up 0.4% year-over-year.

•              The actual (not seasonally adjusted) national average sale price posted a 2.1% year-over-year increase in August.

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

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

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Norm Fisher

Royal LePage Vidorra


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