A new report from the Canadian Real Estate Association shows that home sales in Canada have dropped 14 percent compared to last year at this time. This continues the steady decline in sales we’ve seen since March 2021.
There’s no real explanation as to why the market is declining but perhaps the rush to buy homes that we saw in the pandemic is over. Meaning that a lot of people that wanted a house, or wanted to sell a house, have already done that.
This may spell the end for the hyper-inflated housing market, but the trends still suggest that the market will continue its slow and steady rise once the world returns to a form of normalcy. While home sales declined compared to last August, this was the second biggest August on record for home sales in Canada.
Source: Better Dwelling