Canadian home sales down 2.1% year-over-year in August, with buyers waiting for lower interest rates.
The Canadian housing market is in a holding pattern, with home sales down 2.1% in August compared to last year, although they rose 1.3% from July. Buyers are hesitating, anticipating lower interest rates, which the Bank of Canada has been cutting. The national average home price slightly increased to $649,100, up 0.1% from the previous year. Newly listed properties rose by 1.1% month-over-month, indicating potential future activity.
September 16, 2024
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