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Canadian home sales soften again in September, 2022: CREA

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Posted in CREA, Market News

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


"Home sales recorded over Canadian MLS® Systems fell by 3.9% between August and September 2022. From May through August, month-over-month declines have been progressively smaller. The September result marked a slight increase in the current sales slowdown that began with the Bank of Canada’s first rate hike back in March.  


"While about 60% of all local markets saw sales fall from August to September, the national number was pulled lower by the fact markets with declines included Greater Vancouver, Calgary, the Greater Toronto Area (GTA) and Montreal. 

 
"Breaking it down regionally, most of the recent monthly declines had been in markets across Ontario and, to a lesser extent, in B.C. The standout trend in August and September was that quite a few of those Ontario markets saw monthly price declines get stopped in their tracks, mainly in the Greater Golden Horseshoe. In a few markets prices even popped up a bit between August and September.

"Looking across the Prairies, prices in Edmonton and Winnipeg are down a bit from their peaks, while prices are sliding sideways in Calgary, Regina, and Saskatoon. Similarly in Quebec, prices have dipped in Montreal but are mostly flat in Quebec City." 

 


 

Highlights of CREA's report                

    • National home sales were down 3.9% on a month-over-month basis in September.
    • Actual (not seasonally adjusted) monthly activity came in 32.2% below September 2021.
    • The number of newly listed properties edged down 0.8% month-over-month.
    • The MLS® Home Price Index (HPI) declined by 1.4% month-over-month but was still up 3.3% year-over-year.
    • The actual (not seasonally adjusted) national average sale price posted a 6.6% year-over-year decline in September.


Read the recently released national sales statistics for September, 2022.


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Royal LePage Vidorra


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