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Canadian home sales post small drop from July to August, 2022: CREA

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Posted in CREA, Market News

The Canadian Real Estate Association (CREA) recently released national sales statistics for August of 2022.


"Home sales recorded over Canadian MLS® Systems edged down a slight 1% between July and August 2022. While this was the sixth consecutive month-over-month decline in housing activity, it was the smallest of the six as the national sales slowdown triggered by rising interest rates continues to moderate. 


"Breaking it down regionally, most of the monthly declines in recent months have been in markets across Ontario and, to a lesser extent, in British Columbia; however, in August it was Ontario markets that contributed most to the overall national decline.


"Looking across the Prairies, prices in Alberta appear to have peaked. Prices are still rising slightly in Saskatchewan, while Manitoba recorded the only decline. In Quebec, prices have dipped somewhat in the last couple of months. On the East coast, the softening of prices that had been confined to Halifax-Dartmouth is now also appearing in New Brunswick and Newfoundland and Labrador. By contrast, prices in PEI continue to edge ahead on a month-over-month basis."
 


 

Highlights of CREA's report                

  • National home sales edged down 1% on a month-over-month basis in August.
  • Actual (not seasonally adjusted) monthly activity came in 24.7% below August 2021.
  • The number of newly listed properties dropped 5.4% month-over-month.
  • The MLS® Home Price Index (HPI) edged down 1.6% month-over-month but was still up 7.1% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in August
Read the recently released national sales statistics for August of 2022
Read also: CREA's revised housing forecast.


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Royal LePage Vidorra


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