{"id":20413,"date":"2022-08-16T10:10:00","date_gmt":"2022-08-16T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20413"},"modified":"2022-08-15T10:20:44","modified_gmt":"2022-08-15T17:20:44","slug":"crea-national-home-sales-down-29-y-y-fall-for-5th-month-in-a-row","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/08\/crea-national-home-sales-down-29-y-y-fall-for-5th-month-in-a-row\/","title":{"rendered":"CREA : National Home Sales Down 29% Y\/Y, Fall for 5th Month in A Row"},"content":{"rendered":"

HIGHLIGHTS<\/strong>
\n\u2022 National home sales fell by 5.3% on a month-over-month basis in July.
\n\u2022 Actual (not seasonally adjusted) monthly activity came in 29.3% below July 2021.
\n\u2022 The number of newly listed properties dropped by 5.3% month-over-month.
\n\u2022 The MLS\u00ae Home Price Index (HPI) edged down 1.7% month-over-month but was still up 10.9% year-over-year.
\n\u2022 The actual (not seasonally adjusted) national average sale price posted a 5% year-over-year decline in July.<\/p>\n

Home sales recorded over Canadian MLS\u00ae Systems fell by 5.3% between June and July 2022. While this was the fifth consecutive month-over-month decline in housing activity, it was also the smallest of the five.<\/p>\n

Sales were down in about three-quarters of all local markets, led by the Greater Toronto Area (GTA), Greater Vancouver and the Fraser Valley, Calgary and Edmonton.<\/p>\n

The actual (not seasonally adjusted) number of transactions in July 2022 came in 29.3% below that same month last year.<\/p>\n

\u201cJuly saw a continuation of the trends we\u2019ve been watching unfold for a few months now; sales winding down and prices easing in some relatively more expensive parts of the country as well as places where prices rose most over the past two years,\u201d said Jill Oudil, Chair of CREA. \u201cThat said, the demand that was so strong just a few months ago has not gone away, but some buyers will likely stay on the sidelines until they see what happens with borrowing costs and prices. As they re-enter the market, they\u2019ll find a bit more selection, but not as much as might be expected. As the market continues to evolve, your best bet is to contact your local REALTOR\u00ae for information and guidance about how to navigate the current environment,\u201d continued Oudil.<\/p>\n

\u201cOne new piece of the puzzle was the decline in new listings in July. It was of the same magnitude as the decline in sales, and in many of the same parts of the country,\u201d said Shaun Cathcart, CREA\u2019s Senior Economist. \u201cIt\u2019s only one month of data at this point but it suggests that some sellers are also playing the waiting game, and that is with an overall inventory of homes for sale that is still historically low. The Bank of Canada is also expected to finish up their remaining rate hikes (100 basis points or so) over the next few months, which five-year fixed mortgage rates have mostly already priced in. We\u2019ve already witnessed a sharp housing market adjustment this year, but it will hopefully be short-lived if conditions continue to show signs of stabilizing,\u201d said Cathcart.<\/p>\n

The number of newly listed homes fell back by 5.3% on a month-over-month basis in July. The decline in new supply was broad-based, with listings decreasing in about three-quarters of local markets, including most large markets.<\/p>\n

With sales and new listings both down by 5.3% in July, the sales-to-new listings ratio remained unchanged at 51.7% \u2013 slightly below the long-term average for the national sales-to-new listings ratio of 55.1%.<\/p>\n

There were 3.4 months of inventory on a national basis at the end of July 2022, still historically low but up quite a bit from the all-time low of 1.7 months set at the beginning of 2022.<\/p>\n

The Aggregate Composite MLS\u00ae Home Price Index (HPI) edged down 1.7% on a month-over-month basis in July 2022. This was similar to but less than the 1.9% decline recorded in June.<\/p>\n

Regionally, most of the monthly declines in recent months have been in markets across Ontario and, to lesser extent, in British Columbia.<\/p>\n

Prices continue to be more or less flat across the Prairies while only just now showing small signs of dipping in Quebec. On the East Coast, prices are mostly continuing to rise, albeit at a much slower pace. The exception is relatively more expensive Halifax-Dartmouth, where prices have dipped slightly.<\/p>\n

The non-seasonally adjusted Aggregate Composite MLS\u00ae HPI was still up by 10.9% on a year-over-year basis in July; although, those year-over-year comparisons have been winding down pretty quickly from the near-30% record year-over-year increases logged in January and February.<\/p>\n

The actual (not seasonally adjusted) national average home price was $629,971 in July 2022, down 5% from the same month last year. The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada\u2019s most active and expensive housing markets. Excluding these two markets from the calculation cuts $104,000 from the national average price.<\/p>\n

Just as these two markets impact the national average, market conditions can also skew the measure. For example, rapidly rising borrowing costs disproportionally curb sales in more expensive markets and market segments. This can result in a statistical phenomenon known as Simpson\u2019s Paradox, where the change in the composition of national sales can cause the national average price to overstate the downward pressure on actual prices. This explains how the national average price is down 5% year-over-year in July despite average prices being down just 0.4% in Ontario and still up in every other province.<\/p>\n

Canadian Home Sales Slow Further<\/a> in July by CREA<\/p>\n","protected":false},"excerpt":{"rendered":"

HIGHLIGHTS \u2022 National home sales fell by 5.3% on a month-over-month basis in July. \u2022 Actual (not seasonally adjusted) monthly activity came in 29.3% below July 2021. \u2022 The number … [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-20413","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nCREA : National Home Sales Down 29% Y\/Y, Fall for 5th Month in A Row • 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\/2022\/08\/crea-national-home-sales-down-29-y-y-fall-for-5th-month-in-a-row\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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