September home sales fell 0.4 per cent compared with August: CREA from North Shore News
EmptyDeskSolutions • October 18, 2018
September home sales fell 0.4 per cent compared with August: CREA from North Shore News
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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…
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The Canada Mortgage and Housing Corporation (CMHC) has just dropped their highly anticipated 2025 Housing Market Outlook, and if you’re a homeowner, future buyer, or just like to keep your finger on the real estate pulse, there’s a lot to unpack. Here’s the short version: The Big Picture (Canada-Wide) Mortgage rates are expected to decline in 2025, giving some long-awaited relief to buyers. Home sales and prices are heading back up, though we’re not expecting the wild ride of 2021. Rental markets are softening slightly with more supply coming online. Condo construction is slowing, while purpose-built rental and ground-oriented housing hold strong. CMHC is cautiously optimistic, but they’re also tracking risks like U.S. trade tensions and lower immigration. What About British Columbia? If you’re in BC, especially Greater Vancouver or Vancouver Island, here’s what matters most: Prices are forecast to hit new highs by the end of 2025. Sales are rebounding, thanks to lower mortgage rates and some recent financing policy changes. Tighter inventory will drive demand in townhomes and entry-level properties. Rental markets are finally seeing some relief, with rising vacancy rates and record rental construction underway. Why It Matters This isn’t just “market noise.” For buyers, sellers, renters and industry pros, these trends point to a more balanced housing environment in the next 12–18 months. That means better planning opportunities, less panic-buying, and a slightly calmer market for everyone involved. If you’re making moves in the real estate world, or just want to understand what the data says about where we’re headed, this report is worth a closer look. ➡ Download the full 3-page PDF summary here . Need help making sense of how this impacts your mortgage, buying power, or investment strategy? Ask Marci About Mortgages. I’m always happy to walk you through it.
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