Canadian real estate sales are still dropping. Canadian Real Estate Association (CREA) numbers show home sales falling in November. Last month, only three major real estate markets saw increase on a year over year basis. The rest saw declines, especially in major markets like Vancouver – which led the way lower.
Canadian Real Estate Sales Drop Over 12%
Canadian real estate sales are still falling, and fast. CREA reported 33,318 sales in November, down 15.25% from the month before. Sales across the country are now down 12.54%, when compared to the same month last year. The decline is the eleventh consecutive month for declines, and is likely to continue.
Canadian Real Estate Sales
The unadjusted sales for all home types, as reported through the Canadian MLS.
Source: CREA, Better Dwelling.
The growth of Canadian real estate sales have been trending lower for years. Last month was the slowest November since 2013, and the largest annual decline since 2008. Sales have continued to trend lower from peak growth seen in February 2016. Maybe Santa will give everyone a condo for Christmas.
Canadian Real Estate Sales Change
The annual percent chage of unadjusted sales for all home types, as reported through the Canadian MLS.
Source: CREA, Better Dwelling.
Quebec, London, And Montreal Real Estate See Biggest Gains
The markets with the largest gains for November were Quebec City, London, and Montreal. Quebec City reported 611 sales in November, up 18.2% – the largest jump in the country. London followed with 737 sales, up 6.3% from last year. Montreal came in third with 3,630 sales, up 6.1% from last year. By the way, these weren’t just the three with the biggest gains. They are the only major markets with a gain to report.
Canadian Real Estate Sales By Market
Canadian real estate sales in markets with more than 500 sales in 2017.
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Data provided by: Victoria Real Estate Board 3035 Nanaimo Street, Victoria, British Columbia V8T 4W2
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