{"id":22517,"date":"2023-09-05T10:10:00","date_gmt":"2023-09-05T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22517"},"modified":"2023-08-16T10:07:58","modified_gmt":"2023-08-16T17:07:58","slug":"the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/09\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\/","title":{"rendered":"The MLS HPI Saw a Larger-Than-Normal Increase of 1.1% M\/M, Up 6.3% Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s ever-fluctuating real estate market is showing signs of stabilization this summer, according to the Canadian Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">Per CREA data, July marked a marginal month-over-month decline in home sales recorded over the country\u2019s MLS Systems, with home sales inching down by 0.7%.<\/p>\n<p style=\"text-align: justify;\">While sales figures in July were trending upward in more than half of the country\u2019s local markets, a larger decline in the Greater Toronto Area tipped the national scales toward the negative side. Sales were also down in the Fraser Valley area, effectively counteracting the gains observed in Montreal, Edmonton and Calgary.<\/p>\n<p style=\"text-align: justify;\">The actual (not seasonally adjusted) count of transactions in July 2023 revealed an 8.7% increase from the same time last year \u2013 the largest year-over-year national sales increase in more than two years.<\/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,\u201d Larry Cerqua, CREA Chair, said. \u201cThis has been giving buyers more choice and balancing the market, which as of July was also slowing the rate of price growth.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cFollowing a brief surge of activity in April, housing markets have settled down in recent months, with price growth now also moderating with its usual slight lag,\u201d Shaun Cathcart, CREA\u2019s senior economist said. \u201cSales and price growth are already showing signs of tapering off further in August in response to the Bank of Canada\u2019s mid-July rate hike and messaging regarding above-target inflation for longer than previously expected. We\u2019re probably looking at another round of \u2018back to the sidelines\u2019 for some buyers until there\u2019s a higher level of certainty around interest rates going forward.\u201d<\/p>\n<p style=\"text-align: justify;\">The number of newly listed homes was up by 5.6% month-over-month in July. Building on gains between April and June, new listings have returned to a near-normal level after hitting a 20-year low in March.<\/p>\n<p style=\"text-align: justify;\">By the end of July, there were 3.2 months of inventory on a national basis \u2013 up from 3.1 months in May and June. While this was the first month-over-month increase since January, the measure still lags a full month behind the initial count for 2023 and nearly two months below the long-term average.<\/p>\n<p style=\"text-align: justify;\">The Aggregate Composite MLS Home Price Index (HPI) saw a larger-than-normal increase of 1.1% in July. However, that increase is only about half as large as the gains recorded between April and June. This is in line with sales having levelled off as new listings have been recovering.<\/p>\n<p style=\"text-align: justify;\">Despite the smaller gain at the national level, price increases have still been observed in most local markets. On a national level, the actual (not seasonally adjusted) average home price clocked in at $668,754 by the end of July \u2013 up 6.3% year-over-year.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/articles\/news\/crea-national-housing-report-august-2023\" target=\"_blank\" rel=\"noopener\">CREA : Little Change in Home Sales from June to July<\/a> by Cassie Apperloo | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s ever-fluctuating real estate market is showing signs of stabilization this summer, according to the Canadian Real Estate Association. Per CREA data, July marked a marginal month-over-month decline in home &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/09\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-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-22517","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>The MLS HPI Saw a Larger-Than-Normal Increase of 1.1% M\/M, Up 6.3% 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\/2023\/09\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The MLS HPI Saw a Larger-Than-Normal Increase of 1.1% M\/M, Up 6.3% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s ever-fluctuating real estate market is showing signs of stabilization this summer, according to the Canadian Real Estate Association. Per CREA data, July marked a marginal month-over-month decline in home &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\\\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"The MLS HPI Saw a Larger-Than-Normal Increase of 1.1% M\\\/M, Up 6.3% Y\\\/Y\",\"datePublished\":\"2023-09-05T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\\\/\"},\"wordCount\":476,\"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\\\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/09\\\/the-mls-hpi-saw-a-larger-than-normal-increase-of-1-1-m-m-up-6-3-y-y\\\/\",\"name\":\"The MLS HPI Saw a Larger-Than-Normal Increase of 1.1% M\\\/M, Up 6.3% Y\\\/Y &#8226; 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