By Sammy Hudes
The affiliation says the ultimate three months of final yr noticed gross sales rise 10% from the third quarter, marking one of many busiest quarters within the final 20 years, apart from the pandemic.
A complete of 27,643 properties modified fingers final month throughout Canada, in contrast with 23,190 in December 2023, following a 26% year-over-year rise in November and a 30 per cent enhance of gross sales in October.
On a seasonally adjusted month-over-month foundation, Canadian dwelling gross sales in December fell 5.8% from November, however remained 13% above the place they have been in Might, simply earlier than the Financial institution of Canada’s first of 5 rate of interest cuts final yr.
The central financial institution’s coverage charge stands at 3.25%, with its subsequent determination to be introduced Jan. 29.
CREA senior economist Shaun Cathcart mentioned the affiliation continues to forecast a “important unleashing of demand” this spring, when it expects rates of interest to backside out and sellers to record properties in large numbers.
The nationwide common sale worth for December rose 2.5% in contrast with a yr earlier to $676,640.
TD economist Rishi Sondhi known as December a “subdued month” by way of exercise, however cautioned that it tends to be a low quantity gross sales month.
He mentioned housing markets in Ontario and B.C. possible nonetheless have “important pent-up demand” and a comparatively excessive share of properties that can profit from federal mortgage rule modifications.
“Our baseline expects a stable achieve in Canadian dwelling gross sales and common dwelling costs this yr, though the macro backdrop stays extremely unsure because of tariff threats,” Sondhi wrote in a report.
There have been round 128,000 properties listed on the market throughout the nation on the finish of the yr, up 7.8% from the tip of 2023 however nonetheless beneath the historic common of 150,000 for that point of yr.
The variety of newly listed properties was down 1.7% month-over-month.
“Whereas housing market exercise might take a breather over the winter with fewer properties on the market, the autumn market rebound serves as an excellent preview of what might occur this spring,” CREA chair James Mabey mentioned in a information launch.
“Spring in actual property all the time comes sooner than each sellers and patrons anticipate. The outlook is for patrons to start out coming off the sidelines in large numbers in just some months from now.”
This report by The Canadian Press was first printed Jan. 15, 2025.
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Canadian home prices Canadian home sales Canadian real estate association crea home price data home sales sammy hudes shaun cathcart The Canadian Press
Final modified: January 15, 2025