November's housing numbers don't hold any massive surprises: the decline continues. realestate realestatenews housing Canada housingmarket
Canadian home prices continued their downward trajectory in November, sliding another 0.98% from the month prior, says the Canadian Real Estate Association .
“There were no big surprises in the November housing numbers, with the data showing the same trends of lower sales and moderating prices we’ve been seeing for a number of months now,” said CREA Chair Jill Oudil. The number of new listings also slipped in November, down 1.3% compared to October. Although it may not seem like much of a decline, CREA notes that, “with the one exception of 2019, November 2022 saw the fewest new listings for that month in 17 years.” More than half of Canada’s local markets saw a decline in new listings, including a few larger markets like the BC Lower Mainland and Okanagan regions.
Although many would-be sellers are eagerly waiting for the market to pick back up, CREA’s Senior Economist Shaun Cathcart says they may have to hold tight until the spring.
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