Canada’s average home price in September was down 6.6% from last year, CREA says

The Canadian Real Estate Association says home sales in September continued to slow.

The association says sales in September were down 3.9 per cent compared with August, a slight increase in the current sales slowdown that began with the Bank of Canada’s first interest rate hike in March.

Compared with a year ago, home sales in September were down 32.2 per cent and about 12 per cent below the pre-pandemic 10-year average for the month.

The number of newly listed homes was down 0.8 per cent on a month-over-month basis in September.

The actual national average home price was $640,479 in September, down 6.6 per cent compared with the same month last year.

CREA says excluding Greater Vancouver and the Greater Toronto Area, two of Canada’s most active and expensive housing markets, cuts more than $117,000 from the national average price.

by The Canadian Press