The slowdown underway in Canada’s housing market continued final month, new figures from the Canadian Real Estate Association confirmed Thursday, with the typical promoting worth falling to simply over $630,000, and the variety of residence gross sales off by virtually 40 per cent.
The group, which represents greater than 100,000 realtors throughout the nation, mentioned that the variety of properties offered in November fell by 38.9 per cent from the identical month a 12 months in the past. November is not sometimes a busy month for residence gross sales, as cooler climate typically pushes consumers to the sidelines this time of 12 months. But the market was particularly chilly this 12 months.
The common promoting worth of a house that went on CREA’s Multiple Listings Service was $632,802. That’s 12 per cent beneath what it was a 12 months in the past, and down from 22 per cent from the height hit in February of this 12 months.
That was earlier than the Bank of Canada began its aggressive marketing campaign of price hikes, which has taken the wind out of the market’s sails by making it rather more costly to borrow cash.
“There were no big surprises in the November housing numbers, with the data showing the same trends of lower sales and moderating prices we’ve been seeing for a number of months now,” mentioned CREA chair Jill Oudil.
More to come back.
