{"id":18601,"date":"2021-09-22T10:10:00","date_gmt":"2021-09-22T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18601"},"modified":"2021-09-21T11:49:15","modified_gmt":"2021-09-21T18:49:15","slug":"crea-national-average-home-price-jumped-13-3-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/09\/crea-national-average-home-price-jumped-13-3-y-y\/","title":{"rendered":"CREA National Average Home Price Jumped 13.3% Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian Real Estate Association (CREA) says that Canada\u2019s housing market has been floating between pre- and peak-pandemic levels during 2021\u2019s final summer months, but conditions still remain fairly unbalanced.<\/p>\n<p style=\"text-align: justify;\">In its monthly National Statistics report released today, CREA stated that home sales showed little change between July and August. Yet, last month\u2019s numbers still make it the second-best August market in history. With a federal election looming, CREA pointed out that August\u2019s numbers are further evidence that the country\u2019s housing problems will not go away by themselves.<\/p>\n<p style=\"text-align: justify;\">Here\u2019s what we know about the Canadian housing market based on the latest information from CREA.<\/p>\n<p style=\"text-align: justify;\"><strong>Monthly home sales dipped ever so slightly<\/strong><\/p>\n<p style=\"text-align: justify;\">Month-to-month, national home sales dipped 0.5% in August. CREA commented that transactions \u201cappear to be stabilizing at more sustainable but still historically active levels.\u201d<\/p>\n<p style=\"text-align: justify;\">On an annual basis, August sales were down 14% from the same record-setting month last year. However, August 2021 is still the second-best month of August of all time.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadian housing markets appear to be stabilizing somewhere in between pre- and peak-pandemic levels \u2013 which is to say, still extremely unbalanced,\u201d said Shaun Cathcart, CREA\u2019s senior economist, in the monthly report.<\/p>\n<p style=\"text-align: justify;\">The number of local markets that reported an increase in sales versus those who recorded a decrease was a \u201cfairly even split\u201d last month. A drop in sales was noted in the Greater Toronto Area and Montreal, but levels were offset by a boost in sales within the Fraser Valley, Edmonton and Quebec City.<\/p>\n<p style=\"text-align: justify;\"><strong>New home listings nudged upwards in August<\/strong><\/p>\n<p style=\"text-align: justify;\">From July to August, the quantity of newly-listed homes on the market grew by a mere 1.2%.<\/p>\n<p style=\"text-align: justify;\">Similar to sales activity, local markets were almost evenly divided between those who reported a boost in new listings and those who saw a drop. The GTA and Ottawa were among the larger Canadian cities that experienced a decline in new homes hitting the market, while new property listings climbed in Vancouver and Montreal during August.<\/p>\n<p style=\"text-align: justify;\">At the end of August, there was 2.2 months worth of inventory available nationwide, down from 2.3 months worth of supply in July.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is extremely low \u2013 still indicative of a strong seller\u2019s market at the national level and in most local markets,\u201d noted CREA.<\/p>\n<p style=\"text-align: justify;\">With sales and new listings staying relatively unchanged, Canada\u2019s sales-to-new listings ratio dropped slightly from 73.6% in July to 72.4% in August.<\/p>\n<p style=\"text-align: justify;\"><strong>Prices jumped more than 13% annually<\/strong><\/p>\n<p style=\"text-align: justify;\">The actual (not-seasonally adjusted) national average home price was $663,500 in August, an increase of 13.3% from 2020 to 2021. When excluding Canada\u2019s priciest influential cities, Vancouver and Toronto, the national average drops over $130,000 in August to around $533,500.<\/p>\n<p style=\"text-align: justify;\">The Aggregate Composite MLS Home Price Index (MLS HPI) rose 0.9% on a monthly basis in August, marking it the first month-to-month acceleration in price growth since February.<\/p>\n<p style=\"text-align: justify;\">Looking across the country, year-over-year price growth is averaging around 20% in British Columbia, over 20% in Ontario and slightly over 10% in Manitoba. New Brunswick reported annual price growth little above 30% in August.<\/p>\n<p style=\"text-align: justify;\"><strong>Ongoing national housing challenges a key election component<\/strong><\/p>\n<p style=\"text-align: justify;\">Ideas on how to mend the housing market have been front-and-centre this election, said CREA\u2019s chair, Cliff Stevenson, in the report. Long-term housing issues have also been brought under the spotlight this past year-and-a-half as a result of the COVID-19 pandemic.<\/p>\n<p style=\"text-align: justify;\">\u201cThe numbers for August provided more evidence of what many of us already knew or suspected to be the case \u2013 this housing crisis will not go away on its own,\u201d said Stevenson.<\/p>\n<p style=\"text-align: justify;\">\u201cAs such, it\u2019s encouraging to see all of the major parties looking at longer-term solutions to an issue that\u2019s been around for a while. It also highlights how there are no quick fixes here, so this market will remain challenging for those who choose or have to engage in it,\u201d he added.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/09\/guess-house-prices-climbing-august.html\" target=\"_blank\" rel=\"noopener\">Guess What? House Prices Kept Climbing in August<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Real Estate Association (CREA) says that Canada\u2019s housing market has been floating between pre- and peak-pandemic levels during 2021\u2019s final summer months, but conditions still remain fairly unbalanced. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/09\/crea-national-average-home-price-jumped-13-3-y-y\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18601","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CREA National Average Home Price Jumped 13.3% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/09\/crea-national-average-home-price-jumped-13-3-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA National Average Home Price Jumped 13.3% Y\/Y &#8226; 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