National housing market in 'holding pattern' as buyers patient for lower rates: CREA

  • 📰 BurnabyNOW_News
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 77%

Business News News

Business Business Latest News,Business Business Headlines

OTTAWA — The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July. CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, "it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country."

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.This report by The Canadian Press was first published Sept. 16, 2024.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

National housing market in 'holding pattern' as buyers patient for lower rates: CREAOTTAWA — The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
Source: SooToday - 🏆 8. / 85 Read more »

National housing market in 'holding pattern' as buyers patient for lower rates: CREAOTTAWA — The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
Source: PGCitizen - 🏆 65. / 51 Read more »