The Canadian Real Estate Association (CREA) recently released national sales statistics for August 2024.
National home sales increased in June following the Bank of Canada’s first interest rate cut since 2020, and activity posted another small gain in August on the heels of the second rate cut in late July, but the bigger picture appears to be a market mostly stuck in a holding pattern.
“Despite some fledgling signs of life to kick off the long-awaited monetary policy easing cycle, Canadian housing market activity still looks to be stuck in the same holding pattern it’s been in all year,” said Shaun Cathcart, CREA’sSenior Economist. “That said, with ever more friendly interest rates now all but guaranteed later this year and into 2025, it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well-behaved in most of the country.”
Highlights of this report:
• National home sales edged up 1.3% month-over-month in August.
• Actual (not seasonally adjusted) monthly activity came in 2.1% below August 2023.
• The number of newly listed properties ticked up 1.1% month-over-month.
• The MLS® Home Price Index (HPI) was unchanged month-over-month but was down 3.9% year-over-year.
• The actual (not seasonally adjusted) national average sale price was almost unchanged (+0.1%) on a year-over-year basis in August.
Read the recently released national sales statistics for August of 2024.
LAST UPDATED IN JUNE - Read also: CREA’s Residential Market Forecast.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com
Norm Fisher
Royal LePage Saskatoon Real Estate
Comments:
Post Your Comment: