The Canadian Real Estate Association (CREA) released data on Thursday that shows a decline in home sales, listings, and average sale prices across Canada. This is largely due to the fact that interest rates have been increasing, making it more difficult for buyers to afford a home. Although there are still some areas of Canada where the housing market is doing well, such as Montreal and Toronto, much of the country are seeing declines.
Key takeaways from the report are:
– National home sales declined by 3.3% month-over-month in November.
– The number of newly listed properties edged down 1.3% month-over-month.
– The MLS® Home Price Index (HPI) declined by 1.4% month-over-month and was down 4.4% year-over-year.
– The actual (not seasonally adjusted) national average sale price posted a 12% year-over-year decline in November
If you’re thinking of buying or selling property in Canada, it’s important to speak with a real estate lawyer to understand how these trends may impact you. With a real estate lawyer’s help, you can make more informed decisions about your housing options and confidently navigate the tumultuous real estate market.