Home Builder Canada Readers survey
newsletter
NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line



External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

Home sales continue downward trend

December 1, 2023


chart source: CREA


Recent figures released by the Canadian Real Estate Association (CREA) show national home sales declined 5.6 per cent on a month-over-month basis in October 2023. The sizable decline was the result of fewer sales in most of Canada’s largest markets (see chart above).

“We’re only in November, but it appears many would-be home buyers have already gone into hibernation,” said CREA chair Larry Cerqua. “The October numbers also revealed some sellers may be shelving their plans until next spring. That said, there are still a lot of people active in the market and looking to get deals done this year,” continued Cerqua.

“We know housing demand is extremely high all across the country, but October’s resale data was further confirmation that it probably won’t be manifesting itself in the existing home market for the remainder of this year and likely not until spring 2024 at the earliest,” said CREA’s senior economist Shaun Cathcart. “The rebound in activity this past spring was an example of what we might see next year. It will really come down to whether the Bank of Canada has to increase interest rates again, or whether by next March it’s simply a matter of how soon we’ll see the Bank make its first cut.”
The number of newly listed homes fell 2.3 per cent on a month-over-month basis in October—the first decline since March. With sales falling by more than new listings in October the national sales-to-new listings ratio is at a 10-year low of 49.5 per cent.



 


homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue