“October provided another month’s worth of data suggesting the slow down in Canadian housing markets is winding up,” said Shaun Cathcart, CREA’s Senior Economist. “Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row.”
The average sale price clocked in at $644,643, marking a -9.9% decline from the same month in 2021, and a deeper YoY drop compared to the -6.6% recorded in September. The losses were less severe on a short-term basis though, edging down just -0.6%. Compared to the -1.2% seen between August and September, this indicates prices have held relatively firm. The MLS Home Price Index dipped -1.2% MoM, the smallest decline since June.
Some good news for those currently searching for a home — the number of new listings crept up by 2.2% from September, a turnaround from the -0.8% decline recorded in September, showing sellers are slowing coming out of the woodwork. However, the national market remains ensnared in some of the tightest inventory conditions ever seen, with just 3.8 months on deck. That’s up slightly from the 3.7 months left at the end of September , but well below the long term average of five months.
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