Canadian Home Sales Edge Higher After Third Interest Rate Cut
Following the Bank of Canada’s third interest rate cut in 2024, national home sales saw a modest rise in September, continuing a trend of growth after previous cuts.
Key Market Highlights:
Home Sales Up 1.9%: Sales climbed by 1.9% compared to August, marking the highest activity level since July 2023.
Listing Surge: New property listings jumped 4.9%, with many sellers entering the market early in September.
Home Prices Stabilize: The MLS® Home Price Index edged up 0.1% month-over-month but remained 3.3% lower than a year ago.
Average Sale Price Growth: Year-over-year, the national average sale price rose 2.1%.
Key Regional Drivers
The Greater Toronto Area, Montreal, Vancouver, and other major cities led the increase, showing renewed activity across multiple regions.
Market Conditions:
With new listings outpacing sales, the sales-to-new listings ratio dipped slightly to 51.3%, still within a balanced market range (45%-65%). Inventory stood at 4.1 months, inching closer to seller’s market conditions but remaining below historical averages.
What to Expect Ahead:
While interest rate cuts are expected to drive more activity, some buyers may delay purchases, anticipating further reductions. Experts predict 2025 will see a stronger rebound, with the spring market likely to be a key moment for both buyers and sellers.
Conclusion:
Whether you’re looking to buy or sell, now is a pivotal time to connect with a REALTOR® to explore opportunities. With market conditions shifting, expert guidance can help you navigate the remainder of 2024 and plan for the anticipated surge in 2025.
We hope you've found this blog post incredibly helpful. If there's anything else we can do for you, whether it's helping you buy a home or sell your property, we'd love to be your chosen brokerage and team. You can reach us by calling or texting at 647-948-7876, or schedule a call through email at info@evolvedrealty.ca.