The Canadian Real Estate Association (CREA) says the country's housing market continued to slow in September - a stark contrast from the flurried pace of sales the fall usually delivers.
The association said Friday that September sales were down 3.9 per cent compared with August, a slight increase in the current sales slowdown that began with the Bank of Canada's first interest rate hike in March.
“Home sales have slowed, but so have new listings, so the price declines are more muted than we might have expected,” she wrote in a note to investors. Instead of the frenzy, they found few bidding wars and many sellers discouraged from listing their properties because they feared they wouldn't fetch as much money as their neighbours did at the start of the year, when the market was moving at a torrid pace.
“But, sellers are able to hold out for better market conditions or, in the case of investors, put units on the rental market. In other words, the market is just not clearing right now - hence the lack of transaction volumes.”
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