{"id":22509,"date":"2023-09-04T10:10:00","date_gmt":"2023-09-04T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22509"},"modified":"2023-08-16T09:12:50","modified_gmt":"2023-08-16T16:12:50","slug":"crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/","title":{"rendered":"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Since May, the Canadian real estate market has shown signs of stabilizing with price growth and sales activity slowing, and new listings catching up to last year\u2019s levels. That was the case in July, as the Canadian Real Estate Association (CREA) reported a 17.9% month-over-month drop in national sales but an 8.7% year-over-year increase. With sales activity slowing, inventory now has a chance to build up.<\/p>\n<p style=\"text-align: justify;\">\u201cJuly continued along the same trend we\u2019ve seen emerge in recent months, with sales levelling off and new listings returning in more normal numbers. This has been giving buyers more choice and balancing the market, which as of July was also slowing the rate of price growth,\u201d said Larry Cerqua, Chair of CREA.<\/p>\n<p style=\"text-align: justify;\"><strong>Month-Over-Month Sales Plunging in All Major Markets<\/strong><\/p>\n<p style=\"text-align: justify;\">The effect of the Bank of Canada\u2019s July interest rate hike can now be seen in decreasing sales numbers as buyers grow more hesitant to enter the market. The largest month-over-month decrease in sales among major markets was found in the Greater Toronto Area, which experienced a 29.8% drop, followed by Hamilton-Burlington which dropped by 25.1% and Ottawa by 24%.<\/p>\n<p style=\"text-align: justify;\">Year-over-year sales activity looks less bleak with most markets experiencing a more than 10% increase. Notably, Fraser Valley and Greater Vancouver experienced a 38.9% and 28.9% year-over-year increase in sales. Seasonality affects market activity and a slowdown in sales is to be expected in the peak summer months when Canadians are on vacation.<\/p>\n<p style=\"text-align: justify;\">The overall drop in sales is giving the housing supply a boost with year-over-year listings up significantly for the first time in several months. Fraser Valley and Greater Vancouver\u2019s new listings were up year-over-year by an impressive 17.5% and 17% respectively, while the GTA was not far behind with a 13.8% bump. Other markets experiencing an increase in annual new listings included Victoria, Calgary, Hamilton-Burlington, Kitchener-Waterloo and Niagara Region.<\/p>\n<p style=\"text-align: justify;\"><strong>Some Markets Still Experiencing Price Growth<\/strong><\/p>\n<p style=\"text-align: justify;\">As demand and competition are slowing, price growth is expected to slow as well. The national average home price dropped by 0.4% from $760,600 in June to $757,300 in July. London-St.Thomas, Quebec City and Kitchener-Waterloo all experienced month-over-month price declines of more than 1.5%, while the GTA declined modestly by 0.9%. Sellers that are preparing to list their homes in the fall should work with a real estate agent to ensure their property is priced at fair market value based on the current factors.<br \/>\nNot all markets are slowing down, however, and month-over-month price gains could be seen in Saint John, Montreal, Saskatoon, Greater Vancouver, and Calgary.<\/p>\n<p style=\"text-align: justify;\">If you\u2019re considering entering the market, whether that\u2019s through buying or selling, or both, it\u2019s important to speak with a local realtor to learn about market conditions in your specific area.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.zoocasa.com\/blog\/crea-july-2023\/\" target=\"_blank\" rel=\"noopener\">CREA : Inventory Recovering in Major Markets Including Vancouver and Toronto as National Home Sales Slowing<\/a> by MacKenzie Scibetta | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since May, the Canadian real estate market has shown signs of stabilizing with price growth and sales activity slowing, and new listings catching up to last year\u2019s levels. That was &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/\">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-22509","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>CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market &#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\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Since May, the Canadian real estate market has shown signs of stabilizing with price growth and sales activity slowing, and new listings catching up to last year\u2019s levels. That was &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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market\",\"datePublished\":\"2023-09-04T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/\"},\"wordCount\":474,\"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\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/\",\"name\":\"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2023-09-04T17:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/","twitter_card":"summary_large_image","twitter_title":"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Since May, the Canadian real estate market has shown signs of stabilizing with price growth and sales activity slowing, and new listings catching up to last year\u2019s levels. That was &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market","datePublished":"2023-09-04T17:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/"},"wordCount":474,"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\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/","url":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/","name":"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2023-09-04T17:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2023\/09\/crea-national-home-sales-slowing-inventory-recovering-in-major-housing-market\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"CREA National Home Sales Slowing, Inventory Recovering in Major Housing Market"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/22509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=22509"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/22509\/revisions"}],"predecessor-version":[{"id":22511,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/22509\/revisions\/22511"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=22509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=22509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=22509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}