The slowdown underway in Canada’s housing market continued last month, new numbers from the Canadian Real Estate Association showed Thursday, with the average selling price falling to just over $630,000, and the number of home sales off by almost 40 per cent.
Selling price of typical home has fallen 12% since last year and is down nearly $200K since February
The slowdown underway in Canada’s housing market continued last month, new figures from the Canadian Real Estate Association showed Thursday, with the average selling price falling to just over $630,000, and the number of home sales off by almost 40 per cent.
The group, which represents more than 100,000 realtors across the country, said that the number of homes sold in November fell by 38.9 per cent from the same month a year ago. November isn’t typically a busy month for home sales, as cooler weather often pushes buyers to the sidelines this time of year. But the market was especially cold this year.
The average selling price of a home that went on CREA’s Multiple Listings Service was $632,802. That’s 12 per cent below what it was a year ago, and down from 22 per cent from the peak hit in February of this year.
That was before the Bank of Canada started its aggressive campaign of rate hikes, which has taken the wind out of the market’s sails by making it much more expensive to borrow money.
“There were no big surprises in the November housing numbers, with the data showing the same trends of lower sales and moderating prices we’ve been seeing for a number of months now,” said CREA chair Jill Oudil.
More to come.
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