{"id":26725,"date":"2024-01-15T11:51:48","date_gmt":"2024-01-15T16:51:48","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=26725"},"modified":"2024-01-15T11:51:49","modified_gmt":"2024-01-15T16:51:49","slug":"crea-dec-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-dec-2023\/","title":{"rendered":"2023 Marks a 15-Year Low in Canadian Home Sales: CREA"},"content":{"rendered":"\n

Unlike 2021 and 2022, when real estate activity was turbulent and competitive, the 2023 real estate market was less volatile and intense. The 2023 market showed a stronger adherence to traditional seasonal trends, meaning there was a hot spring and summer market followed by a quiet fall and winter. High borrowing costs kept many would-be buyers and sellers out of the market for much of the year, however, resulting in only 443,511 homes trading hands in 2023 – down 11.1% from 2022 and -33.5% from 2021. This marks the lowest annual level for national sales since 2008, according to the Canadian Real Estate Association. <\/p>\n\n\n\n

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Month-over-month, December national sales dropped -24.2% from November to 22,628 sales, while year-over-year December sales were actually up by 3.7%. <\/p>\n\n\n\n

\u201cWas the December bounce in home sales the start of the expected recovery in Canadian housing markets? Probably not just yet. It was more likely just some of the sellers and buyers that were holding onto unrealistic pricing expectations last fall finally coming together to get deals done before the end of the year. We\u2019re still forecasting a recovery in housing demand in 2024, but we\u2019ll have to wait a few more months to get a sense of what that ultimately looks like,\u201d said Shaun Cathcart, CREA\u2019s Senior Economist.<\/p>\n\n\n\n

Sales and Prices Continue to Drop Across the Country<\/h1>\n\n\n\n

Month-over-month sales plummeted for every major market in December. The majority of markets experienced a more than 20% drop in sales from November, with Saint John<\/a>, Halifax-Dartmouth<\/a>, Kitchener-Waterloo<\/a>, and Hamilton-Burlington<\/a> all down by more than 30%. Year-over-year sales activity was more of a mixed bag. The Greater Toronto Area<\/a> experienced a 10.5% increase in sales from December 2022, but markets in the Prairies and West Coast fared even better. Edmonton<\/a> experienced a 24.6% jump in sales from last year, while Regina<\/a>, Saskatoon<\/a>, and Fraser Valley<\/a> also experienced significant increases.\u00a0<\/p>\n\n\n\n