On December 15, 2022 the Canadian Real estate Association (CREA) released statistics reporting Canadian home sales are down from October. Homes sales were down on a month-over-month basis in November 2022.
“November’s housing data from across Canada came in as expected – still pretty quiet – and that is unlikely to improve this winter with the Bank of Canada raising rates again,” said Shaun Cathcart, CREA’s Senior Economist.
Figure 1.1 shows home sales are down 38.9% across Canada, with 30,135 units sold in November 2022, compared to 49,357 in November 2021. New listings are down 2.3% across Ontario, 20,612 new listings added in November 2022, with compared to 21,099 in November 2021.
The average price of homes sold across Ontario in November 2022 was $829,934, down 10% from $921,819 in November 2021. Homes sold in the Greater Toronto Area averaged $1,089,800.00.
A snapshot of the National Housing Market as of November 2022 is shown in figure 1.2.
Highlights:
National home sales declined by 3.3% month-over-month in November.
Actual (not seasonally adjusted) monthly activity came in 38.9% below November 2021.
The number of newly listed properties edged down 1.3% month-over-month.
The MLS® Home Price Index (HPI) declined by 1.4% month-over-month and was down 4.4% year-over-year.
The actual (not seasonally adjusted) national average sale price posted a 12% year-over-year decline in November.
Stay abreast of the current market climate by visiting the CREA website on a regular basis.
For more precise information about your particular home or area contact us today, maybe a meeting over coffee is in order.
