{"id":20589,"date":"2022-09-20T10:10:00","date_gmt":"2022-09-20T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20589"},"modified":"2022-09-19T09:16:01","modified_gmt":"2022-09-19T16:16:01","slug":"canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/09\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\/","title":{"rendered":"Canadian Average Home Price Down 3.9% Y\/Y, Home Sales Edged Down Just 1% M\/M"},"content":{"rendered":"<p style=\"text-align: justify;\">The average price of homes sold in Canada in August fell 3.9% from the same month last year to $637,673 according to new statistics released Thursday by the Canadian Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">Home sales, meanwhile, edged down just 1% between July and August, marking this the sixth consecutive \u2014 though smallest \u2014 month-over-month decline in volumes.<\/p>\n<p style=\"text-align: justify;\">It was close to an even split between the number of markets where sales were up and those where sales were down. Gains were led by the Greater Toronto Area (GTA) and a large regional mix of other Ontario markets. These were offset by declines in Greater Vancouver, Calgary, Edmonton, Winnipeg and Halifax-Dartmouth.<\/p>\n<p style=\"text-align: justify;\">Despite the decline from last August, the actual (not seasonally adjusted) national average price inched up $7,702 over July. It is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada\u2019s most active and expensive housing markets.<\/p>\n<p style=\"text-align: justify;\">\u201cAugust saw national sales hold steady month-to-month for the first time since February which, along with a stabilization of demand\/supply conditions in many markets, could be an early sign that this year\u2019s sharp adjustment in housing markets across Canada may have mostly run its course,\u201d Jill Oudil, chair of CREA, said in the report. \u201cSome buyers may choose to remain on the sidelines until they see clearer signs of borrowing costs and prices also stabilizing.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, The Aggregate Composite MLS Home Price Index (HPI) edged down 1.6% on a month-over-month basis in August, not a small decline historically, but smaller than those in June and July. It was still up by 7.1% on a year-over-year basis in August. This was the first single-digit increase in almost two years, as year-over-year comparisons have been winding down at a brisk pace from the near-30% year-over-year gains logged just six months ago.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/financialpost.com\/real-estate\/mortgages\/canadas-average-home-price-down-3-9-in-august-from-same-month-in-2021\" target=\"_blank\" rel=\"noopener\">Canada&#8217;s Average Home Price Down 3.9% in August from Same Month in 2021<\/a> by Shanta\u00e9 Campbell | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average price of homes sold in Canada in August fell 3.9% from the same month last year to $637,673 according to new statistics released Thursday by the Canadian Real &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/09\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\/\">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-20589","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Average Home Price Down 3.9% Y\/Y, Home Sales Edged Down Just 1% M\/M &#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\/2022\/09\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Average Home Price Down 3.9% Y\/Y, Home Sales Edged Down Just 1% M\/M &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The average price of homes sold in Canada in August fell 3.9% from the same month last year to $637,673 according to new statistics released Thursday by the Canadian Real &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canadian Average Home Price Down 3.9% Y\\\/Y, Home Sales Edged Down Just 1% M\\\/M\",\"datePublished\":\"2022-09-20T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\\\/\"},\"wordCount\":324,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/canadian-average-home-price-down-3-9-y-y-home-sales-edged-down-just-1-m-m\\\/\",\"name\":\"Canadian Average Home Price Down 3.9% Y\\\/Y, Home Sales Edged Down Just 1% M\\\/M &#8226; 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