The Canadian Real Estate Association (CREA) recently released national sales statistics for November of 2023.
Home sales recorded over Canadian MLS® Systems edged down by 0.9% from October to November 2023. It was the smallest decline since July.
"I wouldn’t expect anything too headline-grabbing from the resale housing market for the next few months," said Larry Cerqua, Chair of CREA. "That’s a good thing because a market that looks to be stabilizing in balanced territory increasingly suggests the soft-landing scenario. For information and guidance about buying or selling a property in this current market, or to get started on plans for the spring, contact a REALTOR® in your area," continued Cerqua.
"While it was clear from about August that a lot of buyers were probably going to head back to the sidelines until at least next spring, a surprising number of sellers nonetheless chose to try their luck this fall," said Shaun Cathcart, CREA’s Senior Economist. "Not getting offers they were willing to accept, it’s looking like many of them are also now resigned to hunker down until next year. It’s probably a good move given that recent expectations around interest rate cuts suggest it might be a somewhat more active spring market than we thought."
Highlights of this report:
National home sales edged back 0.9% month-over-month in November.
Actual (not seasonally adjusted) monthly activity came in 0.9% below November 2022.
The number of newly listed properties declined 1.8% month-over-month.
The MLS® Home Price Index (HPI) decreased 1.1% month-over-month but was still up 0.6% year-over-year.
The actual (not seasonally adjusted) national average sale price posted a 2% year-over-year increase in November.
Read the recently released national sales statistics for November of 2023.
Read also: CREA’s updated (October) Housing Market Forecast for 2023.
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Norm Fisher
Royal LePage Saskatoon Real Estate
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