While it may have been the sixth consecutive month-over-month decline for Canadian housing activity, August’s home sales only dipped 1% from July—the smallest decrease seen during this slowdown period.
“Along with a stabilization of demand/supply conditions in many markets, [it] could be an early sign that this year’s sharp adjustment in housing markets across Canada may have mostly run its course,” said Jill Oudil, Chair of the Canadian Real Estate Association (CREA).
When comparing to the same time last year, actual (not seasonally adjusted) monthly activity came in 24.7% below August 2021, while new listings were up 3.3% across Canada compared to a year ago.
Canadian real estate activity
It was close to an even split between the number of markets where sales were up and where sales were down. Gains were led by the Greater Toronto Area and a large regional mix of other Ontario markets. These were offset by declines in Greater Vancouver, Calgary, Edmonton, Winnipeg, and Halifax-Dartmouth.
The Aggregate Composite MLS® Home Price Index—the most advanced and accurate tool to gauge home price levels and trends—edged down 1.6% on a month-over-month basis in August 2022 and is still up 7.1% on a year-over-year basis in August.