Canadian Home Sales Fall Back in August
“August was the first full month of housing data following the Bank of Canada’s July rate hike, so a dip in activity was expected,” said Shaun Cathcart, CREA’s Senior Economist.
Statistics released by the Canadian Real Estate Association (CREA) show national home sales were down on a month-over-month basis in August 2023.
- National home sales declined 4.1% month-over-month in August.
- Actual (not seasonally adjusted) monthly activity came in 5.3% above August 2022.
- The number of newly listed properties edged up 0.8% month-over-month.
- The MLS® Home Price Index (HPI) climbed 0.4% month-over-month and was also up 0.4% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 2.1% year-over-year increase in August.