Canada home prices slide as homebuyers go into 'hibernation'
Canada’s housing market continued to cool in October, with home prices slipping 0.8 per cent from the month before.
Home sales fell 5.6 per cent from September to October, mainly because of declines in Canada’s biggest markets, said the Canadian Real Estate Association (CREA) which released the data Wednesday.
CREA chair Larry Cerqua said that potential homebuyers appear to have entered a phase of “hibernation,” while sellers are postponing their plans to sell.
“The October numbers also revealed some sellers may be shelving their plans until next spring. That said, there are still a lot of people active in the market and looking to get deals done this year,” Cerqua said in the report.
Despite the month over month decline, the MLS Home Price Index is still up 1.1 per cent from this time last year.
Home sales also were 0.9 per cent higher than in October 2022.
The number of new listings fell 2.3 per cent from the month before, the first decline since March.
