Buyers Waiting for Lower Rates, Putting National Housing Market in ‘Holding Pattern’: CREA

September 16, 2024 TruthUSA

The Canadian Real Estate Association reports a decline in the number of homes sold in August compared to the previous year, as the market remained stagnant despite decreasing borrowing costs.

August saw a 2.1 percent drop in home sales compared to the same month last year.

Nationally, home sales increased by 1.3 percent on a seasonally adjusted month-over-month basis from July.

Senior economist Shaun Cathcart from CREA mentioned that with expected lower interest rates for the rest of the year and into 2025, potential buyers are likely waiting for improved affordability, especially since prices remain stable in most parts of the country.

The national average sale price for August was $649,100, a slight 0.1 percent uptick from the previous year.

Additionally, there was a 1.1 percent increase in newly listed properties on a month-over-month basis.