Canadian home sales soften again from August to September
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down in September 2022.
- National home sales were down 3.9% on a month-over-month basis in September.
- Actual (not seasonally adjusted) monthly activity came in 32.2% below September 2021.
- The number of newly listed properties edged down 0.8% month-over-month.
- The MLS® Home Price Index (HPI) declined by 1.4% month-over-month but was still up 3.3% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 6.6% year-over-year decline in September.
Home sales recorded over Canadian MLS® Systems fell by 3.9% between August and September 2022. From May through August, month-over-month declines have been progressively smaller. The September result marked a slight increase in the current sales slowdown that began with the Bank of Canada’s first rate hike back in March. (Chart A)
While about 60% of all local markets saw sales fall from August to September, the national number was pulled lower by the fact markets with declines included Greater Vancouver, Calgary, the Greater Toronto Area (GTA) and Montreal.
The actual (not seasonally adjusted) number of transactions in September 2022 came in 32.2% below that same month last year and stood about 12% below the pre-pandemic 10-year average for that month.