Key facts
- Home sales fell 2.3% in September, following a 0.7% drop in August.
- The Home Price Index decreased 0.4% from August to September.
- Sales were down 7.7% year-over-year, unadjusted.
Canadian home sales continued to fall in September, marking a second consecutive month of decline as higher mortgage rates and anticipated interest rate hikes by the Bank of Canada curbed market activity. The Canadian Real Estate Association reported that national sales decreased by 2.3% compared to August, following a 0.7% drop in the prior month. Sales were down 7.7% on an unadjusted year-over-year basis. The industry group's Home Price Index also saw a monthly decrease of 0.4% and a year-over-year decline of 3.4%. The number of new properties listed for sale fell by 1.8% month-over-month, and the seasonally adjusted sales-to-new listings ratio dipped to 48.8% from 49.1% in August, falling below the long-term average of 54.7%.