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September Housing Data Suggests Downturn Has “Longer To Run”

Author: 
Steve Huebl
Publication date:
October 18, 2022
Article Summary: 

Canadian home prices fell for the seventh consecutive month in September, with prices down 1.4% from August and 3.3% higher than a year ago, according to the Canadian Real Estate Association. Home sales fell 3.9% monthly and 32% annually, while new listings fell 0.8% monthly. Months of inventory rose to 3.7 months. RBC predicts that benchmark prices will fall around 14% nationwide by next spring from the recent peak, with steeper declines expected in Ontario and British Columbia. Meanwhile, TD predicts Canadian home sales will drop by 35% from 2022Q1 through 2023Q1, with a 22% decline in average home prices.



Keywords: 

Canadian Real Estate Association, home prices, home sales, new listings, months of inventory, Ontario, British Columbia, Prairie cities, Atlantic region, Greater Toronto, Greater Vancouver, MLS Home Price Index, RBC, TD.

Source Citation: 
Steve Huebl
September Housing Data Suggests Downturn Has “Longer To Run”
October 18, 2022
https://www.canadianmortgagetrends.com/2022/10/september-housing-data-suggests-downturn-has-longer-to-run/
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