{"id":33991,"date":"2024-12-16T11:50:05","date_gmt":"2024-12-16T16:50:05","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=33991"},"modified":"2025-05-22T17:04:23","modified_gmt":"2025-05-22T21:04:23","slug":"crea-november-2024","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/crea-november-2024\/","title":{"rendered":"Canada\u2019s Housing Market Rebounds as Buyers Make a Comeback: CREA"},"content":{"rendered":"\n

The Canadian housing market continued its upward momentum in November, driven by increased sales and tightening market conditions. According to the Canadian Real Estate Association (CREA), sales grew by 2.8% compared to October. Since the first interest rate cut<\/a> in June, sales have soared 18.4%, showing that buyers are increasingly ready to return to the market.<\/p>\n\n\n\n

Market Tightens as National Sales Climb<\/h2>\n\n\n\n

What\u2019s sparking this market momentum? Increased sales activity in Vancouver<\/a>, Calgary<\/a>, Greater Toronto<\/a>, and Montreal, paired with favorable borrowing rates and improved inventory, played a pivotal role in attracting buyers. <\/p>\n\n\n\n

While sales were up, new listings weren\u2019t following suit. November saw a slight 0.5% decline in national new listings, adding to October\u2019s 3% drop. Fewer options for buyers have tightened market conditions, with the national sales-to-new-listings ratio rising to 59.2%, up from 57.3% in October. For context, this ratio hovered between 52% and 53% earlier in the year, and a balanced market typically sits between 45% and 65%.<\/p>\n\n\n\n

Inventory levels remain well below the long-term average. Just over 160,000 active listings were on the market in November, far from the usual 178,000 for this time of year. Homes are selling fast, too, with the national months-of-inventory figure dipping to 3.7 months\u2014the lowest in 14 months and inching closer to a seller\u2019s market threshold of 3.6 months.<\/p>\n\n\n\n

National home prices significantly improved for the first time in over a year as the National Composite MLS HPI was down just 1.2% from November 2023, marking the smallest annual decline since last spring. Meanwhile, the national average home price hit $694,411, up 7.4% year over year.<\/p>\n\n\n\n

\u201cNot only were sales up again, but with market conditions now starting to tighten up, November also saw prices move materially higher at the national level for the first time in almost a year and a half,\u201d said Shaun Cathcart, CREA\u2019s Senior Economist. \u201cNormally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank of Canada\u2019s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.\u201d<\/p>\n\n\n\n