Canadian Home Sales Activity Edges Lower in September
- National home sales edged back 0.4% from August to September
- Actual (not seasonally adjusted) activity was down by 8.9% from one year ago
- The number of newly listed homes rose by 3% from August to September
- The MLS Home Price Index (HPI) was up 2.3% year-over-year (y-o-y) in September
- The national average sale price edged up a slight 0.2% y-o-y in September
"Sales activity may get all the press but it's the balance between that and the number of homes for sale that sets the tone for pricing environment," said Gregory Klump, CREA's Chief Economist. "In markets with an abundant supply of homes and slower sales activity, buyers have the upper hand when it comes to negotiations over price. However, in places where buyers are keen to make a purchase but there's a shortage of homes for sale, sellers are in the driver's seat when it comes to price. It will be interesting to see how supply and demand respond to rising interest rates amid this year's new mortgage stress-test."
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Keller Williams Complete Realty
(All information taken from CREA National Statistics)