{"id":21105,"date":"2023-02-15T12:29:33","date_gmt":"2023-02-15T17:29:33","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=21105"},"modified":"2023-02-23T11:43:35","modified_gmt":"2023-02-23T16:43:35","slug":"crea-jan-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-jan-2023\/","title":{"rendered":"Home Sales Hit 14-Year Low, Supply Historically Short: Impact on Buyers and Sellers Preparing for Spring Market"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">As we move into mid-February, this is typically when buyers and sellers begin preparing for the <a href=\"https:\/\/www.zoocasa.com\/blog\/real-estate-cycle-buyers-sellers\/\" target=\"_blank\" rel=\"noreferrer noopener\">spring market<\/a> by securing mortgage pre-approvals and prepping their homes for listing. Today, the Canadian Real Estate Association (CREA) released its January market report and the uncertainty that lingered in last year\u2019s market has crept into 2023. \u201cThe big question on everyone\u2019s minds after last year was what will housing markets do in 2023?\u201d said Jill Oudil, Chair of CREA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get Canadian real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Slim Pickings for Buyers as Inventory Levels Remain Below Long-Term Average<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Some would-be buyers were understandably discouraged by last year\u2019s fluctuating market and chose to wait for more certainty. Now, many people that put off their home-buying plans are itching to make a move, \u201cMany prospective buyers chose to wait on the sidelines while interest rates rose, but whether they were planning to move because they wanted a bigger home, a new neighbourhood, or to be closer to the office, they likely still need to move,\u201d explains Lauren Haw, CEO and Broker of Record at Zoocasa.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/calgary-most-competitive\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Calgary Region Ranked: The Most and Least Competitive Markets<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">CREA reports that new listings edged up by 3.3% month-over-month in January, but we are still sitting at historically low supply levels on a national basis. With 4.3 months of inventory at the end of January, inventory levels are about the same as in early 2020 and well below the national average of about five months. Although there is less to choose from, there are still deals to be found.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"740\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Blog-Image-4-740x1024.png\" alt=\"\" class=\"wp-image-21113\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Blog-Image-4-740x1024.png 740w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Blog-Image-4-217x300.png 217w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Blog-Image-4-768x1063.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Blog-Image-4-1110x1536.png 1110w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Blog-Image-4-1480x2048.png 1480w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Blog-Image-4.png 600w\" sizes=\"auto, (max-width: 740px) 100vw, 740px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Market Conditions are Becoming More Affordable as Prices and Fixed-Rates are Decreasing<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The national average home price was $612,204 in January, <a href=\"https:\/\/zoocasa.com\/blog\/crea-dec-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">down 2.2% month-over-month<\/a> and a staggering -18.3% <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-january-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">compared to this time last year<\/a>. This is good news for buyers who have been frustrated with dwindling buyer power heavily impacted by rising interest rates. \u201cWith the Bank of Canada increasingly signaling that rates are now at the top, it\u2019s possible the spring market this year could also surprise, particularly in areas where prices have been stable or are now stabilizing. Buyers are likely feeling increasingly confident in taking on variable rate mortgages, and 2023 will probably be a good window of opportunity to be able to engage in a calmer home search and buying experience following the intense market conditions of the last few years,\u201d said Shaun Cathcart, CREA\u2019s Senior Economist.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/boc-jan-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>New Year, Same Rate Hikes: The 8th Increase in 10 Months<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For sellers that are preparing to list, it\u2019s important to do your research and price your home correctly based on your local market. \u201cAlthough the national average price is down compared to last year and the days of homes trading only on offer nights may be few and far between, there are many local markets like <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton-Burlington<\/a> and <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London<\/a> where demand is increasing, especially for homes that are priced correctly according to their local market conditions,\u201d Haw continues. Although the number of sales pulled back in January, declining by 3% month-over-month, there are cities across the country where demand is growing. The Realtors Association of Hamilton-Burlington reported an increase in sales of homes priced below the $800,000 mark, and in London and St. Thomas, sales grew by 15% month-over-month, from 299 in December to 344 in January.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/most-expensive-and-affordable-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Most Expensive and Affordable Cities of 2022: INFOGRAPHIC<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As the Canadian population continues to grow, it\u2019s likely that inventory levels will remain tight, but that doesn\u2019t mean that buyers and sellers alike shouldn\u2019t make their move. <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\">Contact us today<\/a> to speak to a real estate agent in your area to learn more about your market conditions.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Questions about your local market?<\/div>\n<div class=\"cta-body\">Contact us today to talk to a Realtor in your area<\/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","protected":false},"excerpt":{"rendered":"<p>As we move into mid-February, this is typically when buyers and sellers begin preparing for the spring market by securing mortgage pre-approvals and prepping their homes for listing. Today, the Canadian Real Estate Association (CREA) released its January market report and the uncertainty that lingered in last year\u2019s market has crept into 2023. \u201cThe big [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":21111,"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":[1111,1160,33],"tags":[],"class_list":["post-21105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","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>Canadian Home Sales Hit 14-Year Low and New Supply Historically Short<\/title>\n<meta name=\"description\" content=\"Home sales in Canada have hit a 14 year low this January, with new supply historically short. Read the full report on the Canadian real estate market.\" \/>\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-jan-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Home Sales Hit 14-Year Low and New Supply Historically Short\" \/>\n<meta property=\"og:description\" content=\"Home sales in Canada have hit a 14 year low this January, with new supply historically short. Read the full report on the Canadian real estate market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/crea-jan-2023\/\" \/>\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=\"2023-02-15T17:29:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-23T16:43:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Canadian-Home-Sales-Hit-14-Year-Low-thumbnail.png\" \/>\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\/png\" \/>\n<meta name=\"author\" content=\"Patti Cosgarea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/02\/Canadian-Home-Sales-Hit-14-Year-Low-thumbnail-1.png\" \/>\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-jan-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-jan-2023\/\"},\"author\":{\"name\":\"Patti Cosgarea\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/58db069b6f1e63e7b8dc3da91b554892\"},\"headline\":\"Home Sales Hit 14-Year Low, Supply Historically Short: Impact on Buyers and Sellers Preparing for Spring Market\",\"datePublished\":\"2023-02-15T17:29:33+00:00\",\"dateModified\":\"2023-02-23T16:43:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-jan-2023\/\"},\"wordCount\":659,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Canada\",\"Market Insights\",\"Real Estate News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-jan-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/crea-jan-2023\/\",\"name\":\"Canadian Home Sales Hit 14-Year Low and New Supply Historically Short\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-02-15T17:29:33+00:00\",\"dateModified\":\"2023-02-23T16:43:35+00:00\",\"description\":\"Home sales in Canada have hit a 14 year low this January, with new supply historically short. 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