{"id":20008,"date":"2022-09-16T14:03:34","date_gmt":"2022-09-16T18:03:34","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20008"},"modified":"2022-09-16T14:03:36","modified_gmt":"2022-09-16T18:03:36","slug":"crea-august-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/","title":{"rendered":"National Home Sales Hold Steady for First Time Since 2022 Peak: CREA"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">National home sales were down only 1% month-over-month in August, marking the smallest dip we\u2019ve seen this year since the <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-february-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>February peak<\/strong><\/a>. Annually, sales are down 24.7%, less than the 30% <strong><a href=\"https:\/\/www.zoocasa.com\/blog\/crea-july-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">drop we saw in July<\/a><\/strong>. The Canadian Real Estate Association (CREA) suggests that these may be signs that the market is settling as rising interest rates are beginning to moderate.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/fall-2022-predictions\/\" target=\"_blank\" rel=\"noreferrer noopener\">What\u2019s in Store for Fall 2022? Zoocasa\u2019s Market Predictions<\/a><\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">For Buyers: Inventory is Improving Following 2022 Record Low<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At the beginning of the year, we saw <strong><a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-january-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">record low inventory<\/a><\/strong> at 1.7 months. In August, inventory was up to 3.5 months; although this is still below the long-term average of five months, this is an improvement and another sign that supply is slowly catching up to the demand. \u201cAugust saw national sales hold steady month-to-month for the first time since February which, along with a stabilization of demand\/supply conditions in many markets, could be an early sign that this year\u2019s sharp adjustment in housing markets across Canada may have mostly run its course,\u201d said Jill Oudil, Chair of CREA.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">For Sellers: Canadian Cities Experiencing a Split in Price Gains and Declines<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The actual (not seasonally adjusted) national average home price in August was $637,673, down 3.9% year-over-year. Canadian markets were at an even split between markets where prices were up or down, but as we\u2019ve seen in previous months, many Ontario markets including the Greater Toronto Area (GTA) are driving the gains. On the other hand, Greater Vancouver, Calgary, Edmonton, Winnipeg, and Halifax-Dartmouth were some of the major markets that experienced declines.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/blog\/hidden-gems-edmonton-september-2022\/\" target=\"_blank\">Hidden Gems for Sale in Edmonton, Alberta Under $325,000<\/a><\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"574\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Untitled-1-750x574.png\" alt=\"\" class=\"wp-image-20012\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Untitled-1-750x574.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Untitled-1-300x229.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Untitled-1-768x587.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Untitled-1-1536x1175.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Untitled-1-2048x1567.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Untitled-1.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"1018\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREA_August_2022_Y-O-Y_Zoocasa-750x1018.png\" alt=\"\" class=\"wp-image-20010\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREA_August_2022_Y-O-Y_Zoocasa-750x1018.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREA_August_2022_Y-O-Y_Zoocasa-221x300.png 221w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREA_August_2022_Y-O-Y_Zoocasa-768x1042.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREA_August_2022_Y-O-Y_Zoocasa-1132x1536.png 1132w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREA_August_2022_Y-O-Y_Zoocasa.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Many Still Waiting on the Sidelines as Fluctuations Continue<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The number of new listings dropped by 5.4% from July to 67,775 properties. Some sellers are choosing to wait out the market until more buyers are active. The increase of 300 basis points in the Bank of Canada interest rate this year has some buyers anxious about mortgage qualifications.\u00a0The sales-to-new-listing ratio is currently signaling a balanced market at 54.5%, which CREA states is close to the long-term average of 55.1%.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/variable-or-fixed-rate-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\">Variable or Fixed-Rate Mortgage? 4 Tips to Help You Decide Which to Choose While Interest Rates are Rising<\/a><\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Shaun Cathcart, CREA\u2019s Senior Economist, explains that the Bank of Canada\u2019s interest rate hikes have put downward pressure on the housing market and Canadians are struggling to catch up. \u201cThe stress test was unpopular with some when it was introduced. But as we have all now watched the Bank of Canada raise its key interest rate by 300 basis points in the space of five months, it\u2019s clear many Canadians were protected by it,\u201d says Cathcart.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBut should there not be a flipside to the coin? The overnight rate is now officially above the Bank of Canada\u2019s \u201cneutral\u201d range and not expected to go too much higher. This is not about \u201clooser\u201d or \u201ctighter\u201d, it is about what is appropriate given where rates are and where they are likely to go moving forward. OSFI is likely thinking hard about what makes sense given the new realities, and how to balance the community of interests they are tasked with securing.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The next <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-sept-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>interest rate announcement<\/strong><\/a> is expected in October. If you\u2019re considering entering the market, our real estate experts are here to help you understand your market and to navigate rising interest rates. Contact us today for a free consultation.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering Getting Into The Market This Fall?<\/div>\n<div class=\"cta-body\">Sign Up for a Free Buyer Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>National home sales were down only 1% month-over-month in August, marking the smallest dip we\u2019ve seen this year since the February peak. Annually, sales are down 24.7%, less than the 30% drop we saw in July. The Canadian Real Estate Association (CREA) suggests that these may be signs that the market is settling as rising [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":20009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[76,1111,1160,33],"tags":[],"class_list":["post-20008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-canada","category-market-insights","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Home Sales Hold Steady for First Time Since 2022 Peak: CREA | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"National home sales were down only 1% month-over-month in August, marking the smallest dip we\u2019ve seen this year since the February peak. Annually, sales National homes sales are holding steady for the first time since the 2022 peak. Find out more about the Canadian real estate market in August.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Home Sales Hold Steady for First Time Since 2022 Peak: CREA | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"National home sales were down only 1% month-over-month in August, marking the smallest dip we\u2019ve seen this year since the February peak. Annually, sales National homes sales are holding steady for the first time since the 2022 peak. Find out more about the Canadian real estate market in August.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-16T18:03:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-16T18:03:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Zoocasa_CREA_August_2022_Hero.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Patti Cosgarea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patti Cosgarea\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/\"},\"author\":{\"name\":\"Patti Cosgarea\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/a8ed6cb4befb8c6f47dd8d29b5d89e60\"},\"headline\":\"National Home Sales Hold Steady for First Time Since 2022 Peak: CREA\",\"datePublished\":\"2022-09-16T18:03:34+00:00\",\"dateModified\":\"2022-09-16T18:03:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/\"},\"wordCount\":598,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Buying a Home\",\"Canada\",\"Market Insights\",\"Real Estate News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/\",\"name\":\"National Home Sales Hold Steady for First Time Since 2022 Peak: CREA | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2022-09-16T18:03:34+00:00\",\"dateModified\":\"2022-09-16T18:03:36+00:00\",\"description\":\"National home sales were down only 1% month-over-month in August, marking the smallest dip we\u2019ve seen this year since the February peak. 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