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The Best Ways to Understand How Canadian Home Sales Increase

  • Feb 07, 2023
  • 10:09 am

The statistics of CREA (Canadian Real Estate Association) indicate that national house sale has been on the rise since December 2022. The national home sale in Canada has edged up 13% between November and December 2022. The monthly activity has come down to 39.1% since December 2021.

Jill Oudil from CREA mentions that he has seen one of the enormous single-year shifts in the record based on the Canadian housing activity in 2022. However, the market adjusts to higher rates from a rear-view mirror perspective. It can bring home buyers backing off from the side-lines this spring. Consequently, there must be a long-term value in homeownership. When you want guidance and information related to a home purchase, your best bet is connecting with Star Elite.

The CREA’s Senior Economist, Shaun, says that 2022’s housing market story was about rising interest rates and high inflation. But the 2023 market relies upon the timing and moves in another direction. The growing demand for housing and supply has been a big issue throughout the spectrum. It can either play on the rental market in 2023 or shift to its own space to get inflation under control.

Every month, almost all the newly listed homes dropped by 6.4% in December, which is led by declines in Quebec and British Columbia-one of the lowest December supply levels on record. Monthly, new listings have been lower than sales. It indicated the sales-to-new listing ratio was tightened to 54.4% compared to 50.2% in November. By the end of December 2022, almost 4.2 months of inventory are discovered nationwide.

The home price index edged down 1.6% per month in December 2022, which continued the trend since last spring. The actual Canadian average home price came to around $626,318 in December 2022, which was 12% down from the same month last year.

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