Canadian home sales post small decline from July to August
Ottawa, ON, September 15, 2022 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales slowed slightly in August 2022.
- National home sales edged down 1% on a month-over-month basis in August.
- Actual (not seasonally adjusted) monthly activity came in 24.7% below August 2021.
- The number of newly listed properties dropped 5.4% month-over-month.
- The MLS® Home Price Index (HPI) edged down 1.6% month-over-month but was still up 7.1% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in August.
Home sales recorded over Canadian MLS® Systems edged down a slight 1% between July and August 2022. While this was the sixth consecutive month-over-month decline in housing activity, it was the smallest of the six as the national sales slowdown triggered by rising interest rates continues to moderate.
Access the August 2022 stats PDF.
CREA Updates Resale Housing Market Forecast
Ottawa, ON September 15, 2022 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations in 2022 and 2023.
With interest rates on the rise, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks reached earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away.
Access the September 2022 forecast PDF.