{"id":227026,"date":"2023-01-19T11:02:45","date_gmt":"2023-01-19T16:02:45","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=227026"},"modified":"2023-01-27T15:43:31","modified_gmt":"2023-01-27T20:43:31","slug":"canadian-home-sales-rise-december","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/canadian-home-sales-rise-december","title":{"rendered":"Home sales in Canada slowly inching back up, national inventory at pre-pandemic levels"},"content":{"rendered":"

<\/h4>

It looks like the year-long game of limbo that Canadian housing market has been playing might be coming to an end.<\/p>\n

Home sales activity in 2022 felt like a constant \u201chow low can you go?\u201d moment as prospective buyers pulled back from the market in the wake of rising interest rates. But according to the latest CREA statistics, national home sales inched up by 1.3 per cent in December.<\/p>\n

\u201cThe housing market story of 2022 was about high inflation and rising interest rates,\u201d Shaun Cathcart, senior economist for the CREA, said. \u201cDemand for housing continues to grow and supply remains the biggest issue across the entire spectrum. Whether that plays out in the rental market in 2023 or shifts back over into the ownership space is a matter of how quickly the Bank of Canada can get inflation under control and start turning the dial back down on borrowing costs.\u201d<\/p>\n

\"A<\/a><\/p>\n

Home prices also continued to drop in December, keeping with the trend that began last spring. While prices have softened almost everywhere, Ontario and parts of B.C. show the highest price declines. Calgary, Regina, Saskatoon and St. John\u2019s are the only markets where home prices have barely come down since their peaks.<\/p>\n

The actual (not seasonally adjusted) national average home price was $626,318 in December \u2013 down 12 per cent from the same time last year. Excluding Greater Vancouver and Toronto \u2013 Canada\u2019s most expensive markets \u2013 takes almost $118,000 from the national average price.<\/p>\n

The number of newly listed homes dropped 6.4% on a month-over-month basis in December, with British Columbia and Quebec leading the drop. On a national basis, there were 4.2 months of inventory by the end of the year \u2013 nearly on par with the months leading up to the COVID-19 lockdowns.<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

According to the latest CREA statistics, national home sales inched up by 1.3 per cent in December.<\/p>\n","protected":false},"author":52,"featured_media":227028,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11132,11236,11163],"coauthors":[10598],"apple_news_notices":[],"yoast_head":"\nCanadian home sales rise 1.3% in December 2022<\/title>\n<meta name=\"description\" content=\"According to the latest CREA statistics, December saw Canadian home sales rise by 1.3%. 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