No recovery yet as housing sales in Canada decline in September
No recovery yet as housing sales in Canada decline in September
After four months of gradual but steady gains, Canada’s housing market saw sales decline in September, data from the Canadian Real Estate Association showed on Thursday.
However, this was the best month of September for sales since 2021, CREA senior economist Shaun Cathcart said.
“While the trend of rising sales that began earlier this year took a breather in September, activity was still running at the highest level for that month since 2021, and that was true in July and August as well,” Cathcart said.
Compared with August, home sales in Canada declined by 1.7 per cent, marking the first monthly decline since April.
The decline came largely because of falling sales in five major markets — Greater Vancouver, Calgary, Edmonton, Ottawa and Montreal — CREA said.
However, the Greater Toronto Area and Winnipeg saw minor gains in September.
Canada’s housing market is seeing an “uneven and fragile” recovery, according to a recent report by the Royal Bank of Canada . Realty group Royal LePage is predicting a recovery by 2026.
CREA’s data suggests stronger sales in the last months of the year, Cathcart said.
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