Home sales keep falling into the fall

October 24, 2022

Home sales in Canada dropped by 3.9 per cent on a month-over-month basis in September 2022 and the resale home price index fell by 1.4 per cent as markets continued to adjust to higher borrowing costs, according to figures released October 14 by the Canadian Real Estate Association (CREA). 
While the price index still showed a 3.3 per cent gain over 2021, the actual national average home price was $640,479 in September 2022—down 6.6 per cent from the same month last year.
Transactions were also down 32.2 per cent on a year-over-year basis and are about 12 per cent below the pre-pandemic 10-year average for the month.
“September was another month of lower sales activity, although, with many sellers also opting to play the waiting game, the market remains on the tighter side of balanced market territory,” CREA chair Jill Oudil said.
The number of newly listed homes declined a further 0.8 per cent on a month-over-month basis in September. This followed the 6.1 per cent and 4.9 per cent declines recorded in July and August, respectively.