Canadian Home Sales Post Small Decline from July to August
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. (Chart A)
It was close to an even split between the number of markets where sales were up and those where sales were down. Gains were led by the Greater Toronto Area (GTA) and a large regional mix of other Ontario markets. These were offset by declines in Greater Vancouver, Calgary, Edmonton, Winnipeg, and Halifax-Dartmouth.
The actual (not seasonally adjusted) number of transactions in August 2022 came in 24.7% below the same month last year. While still a large decline, it was smaller than the 29.4% year-over-year drop recorded in July.