{"id":31384,"date":"2024-08-15T13:08:36","date_gmt":"2024-08-15T17:08:36","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=31384"},"modified":"2024-08-15T13:08:37","modified_gmt":"2024-08-15T17:08:37","slug":"crea-july-2024","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-july-2024\/","title":{"rendered":"July Sees Slow Movement While Prices Shift Across Canada\u2019s Real Estate Market: CREA"},"content":{"rendered":"\n

Canada’s housing market began gaining momentum after the Bank of Canada\u2019s first interest rate cut<\/a> since 2020. However, this momentum didn\u2019t continue in July 2024. According to Shaun Cathcart, a Senior Economist at CREA, the market is primed for a rebound thanks to “a record amount of demand waiting in the wings.” The Bank of Canada\u2019s second rate cut came at the end of July, and with more cuts anticipated, combined with strong demand on the horizon, conditions are building for an active fall market.\u00a0<\/p>\n\n\n\n

James Mabey, Chair of CREA, shares this optimistic outlook, stating, “While it wasn’t apparent in the July housing data from across Canada, the stage is increasingly being set for the return of a more active housing market.” With more options available for buyers, the current environment of less competition and increased negotiating power may soon become a thing of the past.<\/p>\n\n\n\n

Growth in New Listings Across Canada<\/h1>\n\n\n\n

Regarding the year-to-date outlook, new listings nationwide surged by 14.8%, totaling 556,564 compared to 484,984 in July of the previous year. The three cities that experienced the highest year-over-year growth for increase of sales in July were Windsor-Essex<\/a> with 22.9%, Trois-Rivi\u00e8res CMA at 21.9%, and Kitchener-<\/a>Waterloo<\/a>, following closely at 20.0%.<\/p>\n\n\n\n

Minor Increases in New Listing Inventory <\/h1>\n\n\n\n

From June to July, major Canadian cities saw substantial decreases in new listings. Victoria <\/a>led the decline with a significant -13.90% drop to 1,195 new listings, followed by Montreal <\/a>with an -11.33% decrease with 4,329 new listings, and Toronto<\/a> with a -9.98% decrease, totaling 16,296 new listings.\u00a0Conversely, Saskatoon <\/a>experienced the most significant positive increase, with a 4.60% rise in new listings, totaling 977.\u00a0<\/p>\n\n\n\n

\"crea<\/figure>\n\n\n\n

Quebec\u2019s Remarkable Price Growth<\/h1>\n\n\n\n

Quebec experienced the most significant price increases of all provinces in Canada for July 2024, highlighting it as a key area of growth with strong buyer interest and rising property values across multiple regions.<\/p>\n\n\n\n

In Quebec, several regions are seeing significant year-over-year growth in average sale prices as of July 2024, reflecting a solid and dynamic real estate market. Sherbrooke CMA leads the way with a remarkable 20.8% increase, as prices surged from $475,832 in July 2023 to $574,740 in July 2024, indicating booming demand in the area. Similarly, Trois-Rivi\u00e8res CMA witnessed a substantial rise of 18.3%, with average prices climbing from $308,977 to $365,509, showcasing robust market activity. Quebec CMA also saw notable growth, with a 13.8% year-over-year price increase, rising from $366,587 to $417,265.<\/p>\n\n\n\n

Price Declines in Cooling Markets<\/h1>\n\n\n\n

Conversely, other markets in Canada are showing signs of cooling, with several markets experiencing year-over-year declines in average sale prices. Victoria <\/a>saw a 5.2% drop, with prices falling from $1,034,257 in July 2023 to $980,850 in July 2024. Hamilton<\/a>–Burlington<\/a> also experienced a 5.2% decline, with average prices decreasing from $918,001 to $870,066, indicating potential shifts in buyer interest or affordability concerns. In Ottawa, the market saw a 2.9% drop in prices, with averages falling from $685,446 to $665,579, reflecting possible changes in demand or economic factors impacting the region.<\/p>\n\n\n\n

Market conditions vary from region to region however, so if you\u2019re thinking of entering the market, it\u2019s important to speak with a local real estate agent to learn about conditions in your specific area. If you\u2019re ready to talk about your 2024 real estate goals, give us a call today!<\/p>\n\n\n

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