Canadian Existing-Home Sales Edge Down in September
Canadian Home Sales Mark Four-Year High for the Month of September
On Thursday, the Canadian Real Estate Association (CREA) reported that existing-home sales recorded over Canadian MLS Systems fell 1.7% in September, ending a string of gains that began in April. Despite the pullback, it was the strongest September for sales since 2021.
New listings dropped 0.8%. With sales declining slightly more than new supply, the national sales-to-new listings ratio eased to 50.7% from 51.2% in August—below the long-term average of 54.9% but still within the range consistent with balanced market conditions.
At the end of September, 199,772 properties were listed for sale nationwide, up 7.5% from a year earlier and close to the long-term average for that month. Inventory stood at 4.4 months, unchanged from July and August and the lowest since January. CREA said a seller’s market corresponds to below 3.6 months of inventory, while a buyer’s market is above 6.4 months.
The National Composite MLS Home Price Index (HPI) edged down 0.1%. The benchmark price has remained largely stable since April after declines earlier in the year. On a non-seasonally adjusted basis, the HPI was down 3.4% from September 2024.
The non-seasonally adjusted national average home price was $676,154 in September, up 0.7% from a year earlier.
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