{"id":22798,"date":"2023-10-23T10:10:00","date_gmt":"2023-10-23T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22798"},"modified":"2023-10-17T09:12:30","modified_gmt":"2023-10-17T16:12:30","slug":"watching-and-waiting-crea-listings-up-home-sales-down-1-9-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/10\/watching-and-waiting-crea-listings-up-home-sales-down-1-9-y-y\/","title":{"rendered":"Watching and Waiting : CREA Listings Up, Home Sales Down 1.9% Y\/Y"},"content":{"rendered":"

According to the Canadian Real Estate Association (CREA), September was a bit of a mixed bag.
\nCanadian buyers continued to take their foot off the gas last month. CREA recorded national home sales dropped 1.9% year-over-year. September marked the third straight month of sales decreases. On the bright side, the slide was only half as large as the numbers recorded in August.
\nCanadians may not be buying, but they have begun listing once more. The number of newly listed homes increased 6.3% on a month-over-month basis in September, making for a cumulative gain of about 35% from the 20-year low in March. New listings are trending near average levels.
\nWatching and Waiting
\n\u201cThe recent trend of slowing sales and rising new listings continued in September,\u201d said Larry Cerqua, CREA chairperson. \u201cThis presents an opportunity for buyers, although many of them seem content to stick to the sidelines until there\u2019s more evidence that interest rates are indeed finally at the top.\u201d
\n\u201cThis, combined with sellers who, by and large, do not need to sell, means the market will likely remain on the slower side until next year,\u201d continued Cerqua.
\n\u201cResale housing markets have settled down pretty quickly following this spring\u2019s brief and somewhat surprising rebound in sales and prices,\u201d said Shaun Cathcart, CREA\u2019s senior economist.
\n\u201cWith the inventory of homes for sale still historically low amid huge demand for housing in Canada, what happens next will depend on interest rates. Whether that means uncertainty about the possibility of further hikes or the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter than normal winter with all eyes on the Bank of Canada. We\u2019ll see how buyers are feeling when the snow starts to melt.\u201d
\nIn September 2023, the Aggregate Composite MLS Home Price Index (HPI) saw its first monthly dip, down 0.3% since March.
\nOntario\u2019s patterns were responsible for the modest September price decline. In some provinces, prices are still rising, but slower than in previous months.
\nThe next several months will see the arrival of data that will indicate whether Ontario is an anomaly or merely the first province to exhibit the kind of softening pricing trends that, given the current state of interest rates, would be expected to play out in at least some other regions of the nation.<\/p>\n

Canadian Home Listings Up, Sales Down in September<\/a> by Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the Canadian Real Estate Association (CREA), September was a bit of a mixed bag. Canadian buyers continued to take their foot off the gas last month. CREA recorded … [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-22798","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nWatching and Waiting : CREA Listings Up, Home Sales Down 1.9% Y\/Y • 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\/10\/watching-and-waiting-crea-listings-up-home-sales-down-1-9-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Watching and Waiting : CREA Listings Up, Home Sales Down 1.9% Y\/Y • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"According to the Canadian Real Estate Association (CREA), September was a bit of a mixed bag. 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