{"id":23929,"date":"2024-05-22T10:10:00","date_gmt":"2024-05-22T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23929"},"modified":"2024-05-15T11:17:12","modified_gmt":"2024-05-15T18:17:12","slug":"a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/05\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\/","title":{"rendered":"A Surge of Buyers Re-Entering A Most Balanced Market with More Properties to Choose From"},"content":{"rendered":"<p style=\"text-align: justify;\">For the third month in a row, new statistics from the Canadian Real Estate Association (CREA) show that real estate, on a national basis, is yet to really wake up from its interest-rate-induced slumber.<\/p>\n<p style=\"text-align: justify;\">CREA reported on Wednesday that Canadian home sales actually lost some steam between March and April 2024, with the number of sales recorded through the MLS\u00ae Systems dipping by 1.7% and clocking in slightly below the average of the last 10 years.<\/p>\n<p style=\"text-align: justify;\">The previous rendition of CREA\u2019s data, released in mid-April, showed a nominal 0.5% month-over-month rise in sales in March. The month prior to that, the month-over-month dip came in at 2.7%.<\/p>\n<p style=\"text-align: justify;\">Circling back to this month\u2019s figures: the number of newly listed homes edged up 2.8% between March and April. At the same time, \u201cslower sales amid more new listings resulted in a 6.5% jump in the overall number of properties on the market, reaching its highest level since just before the onset of the COVID-19 pandemic,\u201d Wednesday\u2019s report notes.<\/p>\n<p style=\"text-align: justify;\">That 6.5% also marked \u201cone of the largest month-over-month gains on record, second only to those seen during the sharp market slowdown of early 2022.\u201d<\/p>\n<p style=\"text-align: justify;\">CREA\u2019s Senior Economist Shaun Cathcart points out that it\u2019s been quite an atypical April for Canadian real estate. \u201cApril 2023 was characterized by a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring thus far has been the opposite, with a healthier number of properties to choose from but less enthusiasm on the demand side,\u201d Cathcart says.<\/p>\n<p style=\"text-align: justify;\">On a not-seasonally-adjusted basis, the number of home sales ended April 2024 just over 10% the level recorded in April 2023. However, the report notes that \u201ca significant part of that gain likely reflected the timing of the Easter long weekend.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, as a product of slower sales and a spike in listings, April saw the national sales-to-new listings ratio come down to 53.4%, putting the market in \u201cbalanced\u201d territory. For some context: the long-term average for the national sales-to-new listings ratio is 55%.<\/p>\n<p style=\"text-align: justify;\">On the inventory front, there were 4.2 months of inventory on a national basis at the end of April 2024 \u2014 the highest level recorded since the onset of the pandemic. That figure was also up from 3.9 months at the end of March.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter a long hibernation, the spring market is now officially underway. The increase in listings is resulting in the most balanced market conditions we\u2019ve seen at the national level since before the pandemic,\u201d says James Mabey, who is the newly appointed Chair of CREA\u2019s 2024-2025 Board of Directors.<\/p>\n<p style=\"text-align: justify;\">\u201cMortgage rates are still high, and it remains difficult for a lot of people to break into the market but, for those who can, it\u2019s the first spring market in some time where they can shop around, take their time and exercise some bargaining power. Given how much demand is out there, it\u2019s hard to say how long it will last.\u201d<\/p>\n<p style=\"text-align: justify;\">Without the usual spring flurry of sales, the National Composite MLS\u00ae Home Price Index (HPI) was unchanged between March and April, marking the third month in a row of \u201cmostly stable prices.\u201d<\/p>\n<p style=\"text-align: justify;\">The not-seasonally-adjusted HPI slipped 0.9% year over year, representing the first decline since July 2023. \u201cThis mostly reflects how prices took off last April, something that has not yet been repeated in 2024,\u201d the report explains.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the actual national average home price came in at $703,446 last month, down 1.8% on an annual basis.<\/p>\n<p style=\"text-align: justify;\">Wednesday\u2019s report additionally notes that \u201cprices are generally sliding sideways\u201d at regional levels. \u201cThe exceptions remain Calgary, Edmonton, and Saskatoon, where prices have steadily ticked higher since the beginning of last year.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/storeys.com\/dip-canadian-home-sales-april\/\" target=\"_blank\" rel=\"noopener\">&#8220;Most Balanced Since Before The Pandemic&#8221; : Canadian Home Sales Dip, Inventory Rises<\/a> by Zakiya Kassam | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the third month in a row, new statistics from the Canadian Real Estate Association (CREA) show that real estate, on a national basis, is yet to really wake up &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/05\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\/\">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":[8,13],"tags":[],"class_list":["post-23929","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Surge of Buyers Re-Entering A Most Balanced Market with More Properties to Choose From &#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\/2024\/05\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Surge of Buyers Re-Entering A Most Balanced Market with More Properties to Choose From &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"For the third month in a row, new statistics from the Canadian Real Estate Association (CREA) show that real estate, on a national basis, is yet to really wake up &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\\\/2024\\\/05\\\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/05\\\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"A Surge of Buyers Re-Entering A Most Balanced Market with More Properties to Choose From\",\"datePublished\":\"2024-05-22T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/05\\\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\\\/\"},\"wordCount\":627,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/05\\\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/05\\\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/05\\\/a-surge-of-buyers-re-entering-a-most-balanced-market-with-more-properties-to-choose-from\\\/\",\"name\":\"A Surge of Buyers Re-Entering A Most Balanced Market with More Properties to Choose From &#8226; 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