Canadian Housing Market Holds Steady Amid Anticipated Interest Rate Cuts
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The Canadian housing market is experiencing a slight uptick in sales amid expectations of future interest rate cuts, as reported by the Canadian Real Estate Association (CREA) in their August statistics. While sales increased by 1.3% month-over-month, they remain down 1.9% year-over-year. Prospective buyers are waiting for better affordability, anticipating lower rates later this year and into 2025, according to CREA's Senior Economist Shaun Cathcart.
New listings rose by 1.1% from July, primarily driven by a boost in Calgary, bringing the total number of properties listed to 177,450—still 10% below the typical levels for this time of year. The national sales-to-new listings ratio stands at 53%, reflecting a stable pattern since April. CREA Chair James Mabey notes that while more interest rate cuts are expected, demand has not yet returned to pre-rate-cut levels.
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