CREA Market Trends – September 2024 – All Purpose Realty Inc.

Canadian Home Sales Edge Up Following Third Interest Rate Cut

National home sales increased by 1.9% in September 2024 over August 2024 reaching the highest level since July 2023. September actual not seasonally adjusted sales activity was 6.9% above September 2023.The national increase was led by the GTA, Hamilton-Burlington, Montreal, Quebec City, GVA and Victoria.
The number of national newly listed properties jumped 4.9% month over month. There were 185,427 properties listed for sale on the Canadian MLS system, up 16.8% from a year earlier. The sales-to-new-listings are consistent with a balanced market.
The actual national not seasonally adjusted national average sale price was up 2.1% on a year over year basis.
CREA’s chief economist states that the pace of Interest Rate cuts is expected to be faster than expected and some buyers may be holding off further boosting the rebound in 2025.
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