{"id":24674,"date":"2023-10-13T12:00:36","date_gmt":"2023-10-13T16:00:36","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=24674"},"modified":"2023-10-18T15:58:39","modified_gmt":"2023-10-18T19:58:39","slug":"crea-september-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-september-2023\/","title":{"rendered":"A Quiet Fall Market Brings Slowing National Sales and Jump in New Listings: CREA"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Spring and fall tend to be the busiest times of year for real estate markets in Canada, but this fall season is looking a little cooler than expected. Many Canadian homebuyers stayed on the sidelines in September awaiting the next Bank of Canada interest rate announcement, which in turn gave new listings a further chance to rebound.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the Canadian Real Estate Association (CREA), national home sales were down 1.9% from August, marking the third straight month in a row of a decrease. However, compared to August when sales were down 4.1% month-over-month, September\u2019s drop is less drastic.&nbsp;<\/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 real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe recent trend of slowing sales and rising new listings continued in September. This presents an opportunity for buyers, although many of them seem content to stick to the sidelines until there\u2019s more evidence that interest rates are indeed finally at the top. This, combined with sellers who, by and large, do not need to sell, means the market will likely remain on the slower side until next year,\u201d&nbsp; said Larry Cerqua, Chair of CREA.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Major Markets Experience Significant Drop in Month-Over-Month Sales&nbsp;<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Sales plunged in every major market from August, with Ontario cities especially seeing a drop. <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton-Burlington<\/a> experienced a month-over-month drop in sales of 20.3%, the <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Toronto Area (GTA)<\/a> experienced a 12.3% drop, and Ottawa experienced a 7.8% drop. <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Vancouver<\/a> was also down with sales declining by 16.3% from August. &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/homes-selling-under-list-price-gta-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Homes are Selling Below Listing Price Across the GTA &#8211; Here\u2019s By How Much<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Annually, sales were up by 1.9% nationally, rising from 34,446 sales in September 2022 to 35,116 sales in September 2023. Year-over-year sales were also up in some major markets, notably in <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a>, where year-over-year sales increased the most by 26.1%. <a href=\"https:\/\/www.zoocasa.com\/victoria-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Victoria<\/a>, Greater Vancouver, and Montreal also experienced a year-over-year increase in sales at 16.7%, 13.3% and 8.9% respectively.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This drop in sales activity has allowed inventory to continue increasing back to normal levels, with new listings in Canada up by 12.6% from last month and up 14.2% from last year. Ontario benefitted the most from an increase in new listings, with the <a href=\"https:\/\/www.zoocasa.com\/kitchener-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kitchener-Waterloo<\/a>, the GTA, <a href=\"https:\/\/www.zoocasa.com\/niagara-falls-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Niagara Region<\/a> and Hamilton-Burlington all experiencing year-over-year increases of more than 14%. Months of inventory are also inching upwards, rising from 3.5 months in August to 3.6 months in September.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"832\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/CREA.png\" alt=\"\" class=\"wp-image-24676\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/CREA.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/CREA-216x300.png 216w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/CREA-739x1024.png 739w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/CREA-768x1065.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/CREA-1108x1536.png 1108w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Prices Softening for the Third Month in a Row<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">The national benchmark price has decreased again, dropping from $750,100 in August to $741,400 in September. However, this is still 1.1% higher than September 2022 and though most major markets\u2019 prices are trending downward month-over-month, year-over-year numbers are up.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/zoocasa-fall-survey-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Homeownership on Hold: 67% of Millennials Delayed Buying a Home (Survey)<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Month-over-month price drops were felt the most in Ontario, where every major market experienced at least a 1% decline. <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London &amp; St. Thomas<\/a> experienced the most significant month-over-month drop at 2% while Kitchener-Waterloo followed at a 1.4% decline. <a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saskatoon<\/a> was an outlier last month as the only major market to experience a month-over-month at 1%.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re preparing to enter the fall market, whether that\u2019s through buying, selling, or both, it\u2019s important to speak with a local realtor to learn about market conditions in your specific area. If you\u2019re ready, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">give us a call today<\/a> to speak with a qualified agent!<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to find your next home?<\/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\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spring and fall tend to be the busiest times of year for real estate markets in Canada, but this fall season is looking a little cooler than expected. Many Canadian homebuyers stayed on the sidelines in September awaiting the next Bank of Canada interest rate announcement, which in turn gave new listings a further chance [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":24678,"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_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1111,1160],"tags":[],"class_list":["post-24674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-market-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Quiet Fall Market Brings Slowing National Sales and Jump in New Listings: CREA | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"This fall season is looking a little cooler than expected for the Canadian real estate market. As homebuyers stayed on the sidelines in September, new listings had chance to rebound. See more market insights in this comprehensive report.\" \/>\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-september-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Quiet Fall Market Brings Slowing National Sales and Jump in New Listings: CREA | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"This fall season is looking a little cooler than expected for the Canadian real estate market. As homebuyers stayed on the sidelines in September, new listings had chance to rebound. See more market insights in this comprehensive report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/crea-september-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=\"2023-10-13T16:00:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-18T19:58:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/Blog-x-Social-Images-92.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=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/10\/Blog-x-Social-Images-92.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=\"Mackenzie Scibetta\" \/>\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-september-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-september-2023\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"A Quiet Fall Market Brings Slowing National Sales and Jump in New Listings: CREA\",\"datePublished\":\"2023-10-13T16:00:36+00:00\",\"dateModified\":\"2023-10-18T19:58:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-september-2023\/\"},\"wordCount\":589,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Canada\",\"Market Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-september-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/crea-september-2023\/\",\"name\":\"A Quiet Fall Market Brings Slowing National Sales and Jump in New Listings: CREA | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-10-13T16:00:36+00:00\",\"dateModified\":\"2023-10-18T19:58:39+00:00\",\"description\":\"This fall season is looking a little cooler than expected for the Canadian real estate market. 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