Canada Real Estate Market Anticipated Shifts and Regional Dynamics in 2023-2024
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In November, Canada's real estate market experienced a continued slowdown, with both sellers and buyers adopting a wait-and-see approach for a potential resurgence in activity during the spring. The Canadian Real Estate Association reported a drop in sales activity and a decline in newly listed homes for the second consecutive month. CREA's senior economist, Shaun Cathcart, suggested that sellers might be holding back in anticipation of better offers in 2024, especially with the prospect of expected interest rate cuts in the new year.
Despite a 1.1% month-to-month decline in CREA's home price index, the national average sale price for homes in November stood at $646,134, marking a two percent increase from the previous year. However, the decline in home prices remains primarily focused in Ontario, while other regions like Alberta, Saskatchewan, New Brunswick, Prince Edward Island, and Newfoundland and Labrador continue to witness stable or increasing prices.
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