{"id":22956,"date":"2023-11-22T10:10:00","date_gmt":"2023-11-22T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22956"},"modified":"2023-11-21T10:09:00","modified_gmt":"2023-11-21T18:09:00","slug":"crea-report-shows-selling-prices-remaining-stagnant-along-with-fewer-sales-new-listings","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/11\/crea-report-shows-selling-prices-remaining-stagnant-along-with-fewer-sales-new-listings\/","title":{"rendered":"CREA Report Shows Selling Prices Remaining Stagnant, Along with Fewer Sales &#038; New Listings"},"content":{"rendered":"<p style=\"text-align: justify;\">Regardless of snow on the ground, the Canadian Real Estate Association\u2019s (CREA) October report indicates winter has arrived for the nation\u2019s housing market.<\/p>\n<p style=\"text-align: justify;\">The report, released on Wednesday, shows selling prices remaining stagnant, along with fewer sales and fewer new listings.<\/p>\n<p style=\"text-align: justify;\">According to CREA, the number of homes sold on the group\u2019s Multiple Listing Service fell by 5.6% in October compared to September.<\/p>\n<p style=\"text-align: justify;\">There were fewer homes changing hands and even fewer new listings for sale in the first place, as more homeowners are choosing to stay put rather than explore the market. New listings slipped by 2.3% during the month. That\u2019s the first decline since March.<\/p>\n<p style=\"text-align: justify;\"><strong>Homebuyers in Hibernation<\/strong><\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re only in November, but it appears many would-be homebuyers have already gone into hibernation,\u201d said Larry Cerqua, CREA chairperson. \u201cThe October numbers also revealed some sellers may be shelving their plans until next spring. That said, there are still many people active in the market and looking to get deals done this year.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWe know housing demand is extremely high all across the country, but October\u2019s resale data was further confirmation that it probably won\u2019t be manifesting itself in the existing home market for the remainder of this year and likely not until spring 2024 at the earliest,\u201d said Shaun Cathcart, CREA\u2019s senior economist.<\/p>\n<p style=\"text-align: justify;\">\u201cThe rebound in activity this past spring was an example of what we might see next year. It will come down to whether the Bank of Canada must increase interest rates again or whether by next March it\u2019s simply a matter of how soon we\u2019ll see the Bank make its first cut.\u201d<\/p>\n<p style=\"text-align: justify;\">According to CREA, activity in Canada\u2019s largest cities was primarily responsible for the sales slowdown, with declines across the country. Victoria was down by 13%, 10% in Vancouver, 9% in Calgary, 5% in Toronto, 11% in Ottawa, and 10% in Montreal.<\/p>\n<p style=\"text-align: justify;\">For homebuyers looking for a market in their favour, the choice is still Ontario, followed by British Columbia. In October 2023, the Aggregate Composite MLS Home Price Index (HPI) fell by 0.8% month-over-month. Some areas of BC are already seeing a softening of property prices. Year-over-year, the Aggregate Composite MLS HPI increased by 1.1%.<\/p>\n<p style=\"text-align: justify;\">CREA said that, in contrast, prices are still rising in Alberta, New Brunswick, and Nova Scotia, as homebuyers continue seeking out the relative affordability of these areas.<\/p>\n<p style=\"text-align: justify;\">The actual (not seasonally adjusted) national average home price was $656,625 in October 2023, up 1.8% from October 2022.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/articles\/news\/crea-canadian-home-sales-still-slumping-in-october\" target=\"_blank\" rel=\"noopener\">CREA : Canadian Home Sales Still Slumping in October<\/a> by Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regardless of snow on the ground, the Canadian Real Estate Association\u2019s (CREA) October report indicates winter has arrived for the nation\u2019s housing market. The report, released on Wednesday, shows selling &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/11\/crea-report-shows-selling-prices-remaining-stagnant-along-with-fewer-sales-new-listings\/\">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-22956","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 Report Shows Selling Prices Remaining Stagnant, Along with Fewer Sales &amp; New Listings &#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\/11\/crea-report-shows-selling-prices-remaining-stagnant-along-with-fewer-sales-new-listings\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA Report Shows Selling Prices Remaining Stagnant, Along with Fewer Sales &amp; New Listings &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Regardless of snow on the ground, the Canadian Real Estate Association\u2019s (CREA) October report indicates winter has arrived for the nation\u2019s housing market. 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