September home sales fell 0.4 per cent compared with August: CREA from North Shore News

The Canadian Real Estate Association said Monday national home sales dropped 0.4 per cent last month compared to August, marking the first month-over-month decline since April.

Home sales moved lower in more than half of all local markets, led by Vancouver Island and Edmonton, along with several markets in Ontario’s Greater Golden Horseshoe region.

The drop came as home sales compared with a year ago fell 8.9 per cent.

In Vancouver, sales were down by 1.5 per cent and benchmark prices fell by 1.2 per cent last month. In Toronto, sales fell by 0.5 per cent and benchmark prices were up slightly by 0.1 per cent.

CREA president Barb Sukkau says rising mortgage rates and the new mortgage stress test will continue to influence the balance between supply and demand with most markets expected to “become even more restrictive” in the months to come.

The group’s chief economist Gregory Klump adds that time will tell how these factors will play out for certain cities.

“In markets with an abundant supply of homes and slower sales activity, buyers have the upper hand when it comes to negotiations over price,” he said in a statement…

Read the full article in the North Shore News here >>

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