{"id":23119,"date":"2023-12-19T10:10:00","date_gmt":"2023-12-19T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23119"},"modified":"2023-12-18T13:02:49","modified_gmt":"2023-12-18T21:02:49","slug":"crea-national-housing-markets-decline-in-home-sales-prices-listings","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/12\/crea-national-housing-markets-decline-in-home-sales-prices-listings\/","title":{"rendered":"CREA National Housing Markets Decline in Home Sales, Prices &amp; Listings"},"content":{"rendered":"<p style=\"text-align: justify;\">The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. Many are also anticipating the Bank of Canada to announce rate cuts in the spring which may be influencing buyers and sellers to park real estate plans for the time being.<\/p>\n<p style=\"text-align: justify;\">That being said, national home sales were down year-over-year by just 0.9% according to the Canadian Real Estate Association. Month-over-month figures look more dramatic as national sales dropped from October to November by 11.9%. However, these drops are allowing the national sales-to-new listings ratio to level out at a balanced 49.8%, meaning there is less competition and more stable pricing.<\/p>\n<p style=\"text-align: justify;\">\u201cI wouldn\u2019t expect anything too headline-grabbing from the resale housing market for the next few months,\u201d said Larry Cerqua, Chair of CREA. \u201cThat\u2019s a good thing, because a market that looks to be stabilizing in balanced territory increasingly suggests the soft-landing scenario,\u201d said Larry Cerqua, Chair of CREA.<\/p>\n<p style=\"text-align: justify;\"><strong>Month-over-Month Sales Dipped in Nearly Every Market<\/strong><\/p>\n<p style=\"text-align: justify;\">The majority of housing markets experienced a month-over-month drop in sales of more than 10%, with Winnipeg and Regina experiencing the greatest decreases at 27% and 24.3% respectively, while in Ontario, Kitchener-Waterloo experienced the biggest month-over-month drop at 20%. Saint John and Hamilton-Burlington were the only two major markets to experience an increase in month-over-month sales, jumping up by 11.7% and 2.3% respectively.<\/p>\n<p style=\"text-align: justify;\">Looking at year-over-year sales is more of a mixed bag. Most Ontario markets, including Greater Toronto and Hamilton-Burlington, experienced a year-over-year drop in sales while the Prairies, British Columbia, and the East Coast performed much better with year-over-year sales growth. Year-over-year sales increased by more than 10% in Saint John, Halifax-Dartmouth, Edmonton, Regina, and Saskatoon.<\/p>\n<p style=\"text-align: justify;\"><strong>Motivated Buyers are Benefiting from Flattening Prices<\/strong><\/p>\n<p style=\"text-align: justify;\">As housing demand is settling down, home prices across the country are dropping from their summer peaks. Though prices in most major markets are not yet below last year, they are getting closer as they are experiencing significant month-over-month drops. Notably, in-demand Ontarian markets like Hamilton-Burlington, Kitchener-Waterloo, and Greater Toronto experienced a 2% drop or more since last month. For Greater Toronto, November marked the fifth month in a row of a price drop, with the benchmark price just 0.12% higher than last year.<\/p>\n<p style=\"text-align: justify;\">In certain markets, like Hamilton-Burlington, Kitchener-Waterloo and Regina, prices have already fallen below last year\u2019s levels, offering a chance for those previously priced out to enter these markets. And with new listings also falling, previously tight sellers\u2019 markets are shifting to more balanced conditions.<\/p>\n<p style=\"text-align: justify;\">National new listings were down 22.7% from October but up 10.5% from 2022. Locally, new listings were down month-over-month by more than 20% in Greater Vancouver, Edmonton, London and St. Thomas, Ottawa, Halifax-Dartmouth, and Greater Toronto. Year-over-year listings are still up in most markets however, meaning the country\u2019s low inventory issue is more stable than compared to last year.<\/p>\n<p style=\"text-align: justify;\">If you\u2019re preparing to enter the winter market, whether that\u2019s through buying, selling, or both, it\u2019s important to speak with a local real estate agent to learn about market conditions in your specific area.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.zoocasa.com\/blog\/crea-nov-2023\/\" target=\"_blank\" rel=\"noopener\">CREA : Winter Sets in For Canadian Housing Market as Sales, Prices and New Listings Drop<\/a> by MacKenzie Scibetta | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. Many are also anticipating the Bank of Canada &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/crea-national-housing-markets-decline-in-home-sales-prices-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":[13],"tags":[],"class_list":["post-23119","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CREA National Housing Markets Decline in Home Sales, Prices &amp; 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\/12\/crea-national-housing-markets-decline-in-home-sales-prices-listings\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA National Housing Markets Decline in Home Sales, Prices &amp; Listings &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. Many are also anticipating the Bank of Canada &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\\\/12\\\/crea-national-housing-markets-decline-in-home-sales-prices-listings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/12\\\/crea-national-housing-markets-decline-in-home-sales-prices-listings\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"CREA National Housing Markets Decline in Home Sales, Prices &amp; 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