The latest report from the Canadian Real Estate Association shows a decline in the average Canadian home price, as well as the number of sales.
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.
Home sales and prices have fallen this year as rising interest rates have increased the cost of borrowing for Canadians.
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.
Last month, Canadian home sales amounted to the first monthly gain since February, CREA said, but analysts said they didn’t expect the market to pick up just yet because conditions have sunk below pandemic highs.
“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.
