National housing market in holding pattern as buyers patient for lower rates: CREA
Posted September 16, 2024 6:54 am. The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down. The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year. On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July. CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.” The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier. The number of newly listed properties was up 1.1 per cent month-over-month.
