Canadian Home Sales and Home Prices Decline in November

Statistics released today (12-15-22) by the Canadian Real Estate Association (CREA) reveal that national home sales recorded over the Canadian MLS® system declined 3.3% on a month-over-month basis in November. The November decline has erased October’s small gain, and the markets have once again rejoined the moderating sales trend that started back in February.

The actual, not seasonally adjusted, number of transactions in November 2022 came in 38.9% below a near-record for that month last year and stood about 13% below the pre-COVID-19 10-year average for November sales.

The number of newly listed homes declined 1.3% month-over-month, with new listings falling in slightly more than half of the local markets. CREA notes that in terms of new supply, listings are not flooding into the market. With the one exception of 2019, November 2022 saw the fewest new listings for that month in the last 17 years. On a national basis, there were 4.2 months of inventory available as of the end of November.

The actual, not seasonally adjusted, national average home price was $632,802 in November 2022, which is down by 12% year-over-year.

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