Canadian Real Estate Prices Fall, Demand Balance Hits 29-Year Low 

Canadian real estate’s recovery hit pause last month—and maybe even rewound a bit. Canadian Real Estate Association (CREA) data shows that home prices slipped in August. Weak sales, sticky inventory, and economic uncertainty have led to the weakest demand balance in nearly 30 years. Canadian Real Estate Prices Fall For A Third Month The price of a typical home across Canada. Source: CREA; Better Dwelling. The price of a typical home slipped 0.7% (-$4.3k) to $657,500 in August, marking a third month lower. Prices are now 3.0% (-$20.4k) lower than last year and sit 21.8% (-$183.6k) below the March 2022 peak. Prices are now back to where they were in January of this year, roughly the same as they were back in February 2021. Canadian Home Sales Just Had The Weakest August Since 2012 Non-seasonally adjusted home sales through the MLS in August. Source: CREA; Better Dwelling. Existing home sales slipped 6.9% from last year to 37,504 units in August. It wouldn’t be a particularly noteworthy drop on its own, but sales were already weak. The compounding erosion has led to the weakest August since 2012. Canadians Are Still Listing Homes For Sale In Record Volumes New listings of homes for sa...