Canadian Home Sales Activity Softens Further In November
Wednesday Dec 19th, 2018
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales posted another monthly decline in November 2018.
- National home sales fell 2.3% from October to November.
- Actual (not seasonally adjusted) activity was down by 12.6% from one year ago.
- The number of newly listed homes declined by 3.3% from October to November.
- The MLS® Home Price Index (HPI) was up 2% year-over-year (y-o-y) in November.
- The national average sale price retreated by 2.9% y-o-y in November.
Home sales via Canadian MLS® Systems fell by 2.3% in November 2018, adding to the decline in October of 1.7%. While the number of homes trading hands is still up from its low point in the spring, it remains below monthly levels posted from 2014 through 2017.
CREA Updates Resale Housing Market Forecast
Ottawa, ON, December 17, 2018 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2018 and 2019.
While economic and demographic fundamentals remain supportive for housing demand in many parts of the country, policy headwinds together with rising interest rates are limiting access to mortgage financing and negatively impacting homebuyer sentiment. At the same time, growth in home prices has slowed sharply in some regions. Indeed, home prices are declining in parts of the country where the supply of homes available for purchase is elevated relative to sales.