According to the Canadian Real Estate Association (CREA), Canada’s housing market is currently in a “holding pattern.” November saw a slight dip in home sales (down 0.6% from October and 10.7% year-over-year) and a 0.4% decrease in the Home Price Index. The average national home price sits at $682,219, a 2% decrease from 2024.
However, CREA anticipates a spring rebound, fueled by pent-up demand from first-time buyers (particularly the large 25-35 year old demographic, with 85% aspiring to homeownership) and anticipated stability in interest rates. CREA’s senior economist Shaun Cathcart suggests that sellers offered price concessions in November to close deals before year-end. While a minor price drop is normal at this time of year, the November dip was slightly more pronounced than expected, even after seasonal adjustments.
Cathcart notes that the market’s ingredients are in place for a spring resurgence. For a deeper dive into CREA’s analysis and forecasts, read the full article on Financial Post.
Read the original story here: https://financialpost.com/real-estate/canadas-housing-market-stuck-in-holding-pattern-says-crea
