The Canadian Real Estate Association (CREA) recently released national sales statistics for December of 2023.
Home sales activity recorded over Canadian MLS® Systems rose 8.7% between November and December 2023, putting it on par with some of last year’s relatively stronger months recorded over the spring and summer.
“While December did offer up a bit of a surprise in sales numbers to cap the year, the real test of the market’s resilience will be in the spring,” said Larry Cerqua, Chair of CREA. “There are only a couple of months left until that gets underway. If you’re looking to buy or sell a property in 2024, you’ll want a game plan, so contact a REALTOR® in your area today,” continued Cerqua.
“Was the December bounce in home sales the start of the expected recovery in Canadian housing markets? Probably not just yet,” said Shaun Cathcart, CREA’s Senior Economist. "It was more likely just some of the sellers and buyers that were holding onto unrealistic pricing expectations last fall finally coming together to get deals done before the end of the year. We’re still forecasting a recovery in housing demand in 2024, but we’ll have to wait a few more months to get a sense of what that ultimately looks like.”
Highlights from this report:
National home sales jumped 8.7% month-over-month in December.
Actual (not seasonally adjusted) monthly activity came in 3.7% above December 2022.
The number of newly listed properties dropped 5.1% month-over-month.
The MLS® Home Price Index (HPI) fell by 0.8% month-over-month but was still up 0.7% year-over-year.
The actual (not seasonally adjusted) national average sale price posted a 5.1% year-over-year increase in December.
Read the recently released national sales statistics for December of 2023.
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Royal LePage Saskatoon Real Estate
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