![\"CREA](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/11\/AdobeStock_519927485.jpg\")
<\/a>According to CREA, the number of homes sold on the group’s Multiple Listing Service fell by 5.6 per cent in October compared to September.<\/p>\n\n\n\n
There were fewer homes changing hands and even fewer new listings for sale in the first place, as more homeowners are choosing to stay put rather than explore the market. New listings slipped by 2.3 per cent during the month. That’s the first decline since March.<\/p>\n\n\n\n
Homebuyers in hibernation<\/strong><\/p>\n\n\n\n \u201cWe\u2019re only in November, but it appears many would-be homebuyers have already gone into hibernation,\u201d said Larry Cerqua, CREA chairperson. \u201cThe October numbers also revealed some sellers may be shelving their plans until next spring. That said, there are still many people active in the market and looking to get deals done this year.\u201d<\/p>\n\n\n\n \u201cWe know housing demand is extremely high all across the country, but October\u2019s resale data was further confirmation that it probably won\u2019t be manifesting itself in the existing home market for the remainder of this year and likely not until spring 2024 at the earliest,\u201d said Shaun Cathcart, CREA\u2019s senior economist.<\/p>\n\n\n\n \u201cThe rebound in activity this past spring was an example of what we might see next year. It will come down to whether the Bank of Canada must increase interest rates again or whether by next March it\u2019s simply a matter of how soon we\u2019ll see the Bank make its first cut.\u201d<\/p>\n\n\n\n According to CREA, activity in Canada’s largest cities was primarily responsible for the sales slowdown, with declines across the country. Victoria was down by 13 per cent, 10 per cent in Vancouver, nine per cent in Calgary, 5 per cent in Toronto, 11 per cent in Ottawa, and 10 per cent in Montreal.<\/p>\n\n\n\n For homebuyers looking for a market in their favour, the choice is still Ontario, followed by British Columbia. In October 2023, the Aggregate Composite MLS Home Price Index (HPI) fell by 0.8 per cent month-over-month. Some areas of B.C. are already seeing a softening of property prices. Year-over-year, the Aggregate Composite MLS HPI increased by 1.1 per cent.<\/p>\n\n\n\n CREA said that, in contrast, prices are still rising in Alberta, New Brunswick, and Nova Scotia, as homebuyers continue seeking out the relative affordability of these areas.<\/p>\n\n\n\n The actual (not seasonally adjusted) national average home price was $656,625 in October 2023, up 1.8 per cent from October 2022.<\/p>\n Regardless of snow on the ground, the Canadian Real Estate Association\u2019s (CREA) October report indicates winter has arrived for the nation\u2019s housing market.<\/p>\n","protected":false},"author":49,"featured_media":228048,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2023-11-15T21:44:25Z","apple_news_api_id":"c9b8b473-7303-4dc8-b5f1-d691cbd61ccd","apple_news_api_modified_at":"2023-11-15T21:44:25Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/Aybi0c3MDTci18daRy9YczQ","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":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11132,11316,11198],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\n