{"id":26193,"date":"2023-12-14T11:46:09","date_gmt":"2023-12-14T16:46:09","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=26193"},"modified":"2023-12-14T11:46:10","modified_gmt":"2023-12-14T16:46:10","slug":"crea-nov-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-nov-2023\/","title":{"rendered":"Winter Sets in For Canadian Housing Market as Sales, Prices and New Listings Drop: CREA"},"content":{"rendered":"\n<p>The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. Many are also anticipating the <a href=\"https:\/\/www.zoocasa.com\/blog\/bank-of-canada-dec-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bank of Canada<\/a> to announce rate cuts in the spring which may be influencing buyers and sellers to park real estate plans for the time being.\u00a0<\/p>\n\n\n\n<p>That being said, national home sales were down year-over-year by just 0.9% according to the Canadian Real Estate Association. Month-over-month figures look more dramatic as national sales dropped from October to November by 11.9%. However, these drops are allowing the national sales-to-new listings ratio to level out at a balanced 49.8%, meaning there is less competition and more stable pricing.<\/p>\n\n\n\n<p><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>&#8220;I wouldn\u2019t expect anything too headline-grabbing from the resale housing market for the next few months,&#8221; said Larry Cerqua, Chair of CREA. &#8220;That\u2019s a good thing, because a market that looks to be stabilizing in balanced territory increasingly suggests the soft-landing scenario,\u201d said Larry Cerqua, Chair of CREA.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Month-over-Month Sales Dipped in Nearly Every Market<\/h1>\n\n\n\n<p>The majority of housing markets experienced a month-over-month drop in sales of more than 10%, with Winnipeg and <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina<\/a> experiencing the greatest decreases at 27% and 24.3% respectively, while in Ontario, <a href=\"https:\/\/www.zoocasa.com\/kitchener-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kitchener-Waterloo<\/a> experienced the biggest month-over-month drop at 20%. <a href=\"https:\/\/www.zoocasa.com\/saint-john-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saint John<\/a> and <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton-Burlington<\/a> were the only two major markets to experience an increase in month-over-month sales, jumping up by 11.7% and 2.3% respectively.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/2024-canadian-predictions\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Will Home Prices Bottom Out in 2024? Zoocasa\u2019s Four Housing Market Predictions<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>Looking at year-over-year sales is more of a mixed bag. Most Ontario markets, including <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Toronto<\/a> and Hamilton-Burlington, experienced a year-over-year drop in sales while the Prairies, British Columbia, and the East Coast performed much better with year-over-year sales growth. Year-over-year sales increased by more than 10% in Saint John, <a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halifax-Dartmouth<\/a>, <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a>, Regina, and <a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saskatoon<\/a>.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"833\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/CREA-3.png\" alt=\"\" class=\"wp-image-26195\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/CREA-3.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/CREA-3-216x300.png 216w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/CREA-3-737x1024.png 737w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/CREA-3-768x1066.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/CREA-3-1106x1536.png 1106w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Motivated Buyers are Benefiting from Flattening Prices<\/h1>\n\n\n\n<p>As housing demand is settling down, home prices across the country are dropping from their summer peaks. Though prices in most major markets are not yet below last year, they are getting closer as they are experiencing significant month-over-month drops. Notably, in-demand Ontarian markets like Hamilton-Burlington, Kitchener-Waterloo, and Greater Toronto experienced a 2% drop or more since last month. For Greater Toronto, November marked the fifth month in a row of a price drop, with the benchmark price just 0.12% higher than last year.&nbsp;<\/p>\n\n\n\n<p>In certain markets, like Hamilton-Burlington, Kitchener-Waterloo and Regina, prices have already fallen below last year\u2019s levels, offering a chance for those previously priced out to enter these markets. And with new listings also falling, previously tight <a href=\"https:\/\/www.zoocasa.com\/blog\/buyers-sellers-markets-canada-winter-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">sellers\u2019 markets are shifting to more balanced conditions<\/a>.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/10-homes-in-ontarios-festive-towns\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>10 Homes Available for Sale in Ontario\u2019s Most Festive Small Towns<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>National new listings were down 22.7% from October but up 10.5% from 2022. Locally, new listings were down month-over-month by more than 20% in Greater Vancouver, Edmonton, <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London and St. Thomas<\/a>, <a href=\"https:\/\/www.zoocasa.com\/ottawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ottawa<\/a>, Halifax-Dartmouth, and Greater Toronto. Year-over-year listings are still up in most markets however, meaning the country\u2019s low inventory issue is more stable than compared to last year.\u00a0<\/p>\n\n\n\n<p>If you\u2019re preparing to enter the winter market, whether that\u2019s through buying, selling, or both, it\u2019s important to speak with a local real estate agent 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\">Want to know more about conditions in your area?<\/div>\n<div class=\"cta-body\">Sign up for a free Consultation<\/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>The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. Many are also anticipating the Bank of Canada to announce rate cuts in the spring which may be influencing buyers and sellers to park real estate plans for the time being.\u00a0 That being [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":26196,"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":[1111,1160,33],"tags":[],"class_list":["post-26193","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>Winter Sets in For Canadian Housing Market as Sales, Prices and New Listings Drop: CREA | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. Read our full market report for more insights 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-nov-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Winter Sets in For Canadian Housing Market as Sales, Prices and New Listings Drop: CREA | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. Read our full market report for more insights on the Canadian real estate market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/crea-nov-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=\"2023-12-14T16:46:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-14T16:46:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Blog-x-Social-Images-2023-12-14T114234.208.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\/12\/Blog-x-Social-Images-2023-12-14T114234.208.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-nov-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-nov-2023\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"Winter Sets in For Canadian Housing Market as Sales, Prices and New Listings Drop: CREA\",\"datePublished\":\"2023-12-14T16:46:09+00:00\",\"dateModified\":\"2023-12-14T16:46:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/crea-nov-2023\/\"},\"wordCount\":602,\"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-nov-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/crea-nov-2023\/\",\"name\":\"Winter Sets in For Canadian Housing Market as Sales, Prices and New Listings Drop: CREA | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-12-14T16:46:09+00:00\",\"dateModified\":\"2023-12-14T16:46:10+00:00\",\"description\":\"The decline in sales and new listings last month suggests homebuyers and sellers nationwide are settling into the sidelines for the winter. 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