Canadian Real Estate Market ‘Flat as a Pancake’ in August: What Buyers & Sellers Should Know
The Canadian housing market has been in a bit of a “pause” mode in 2024, with August’s data showing that home sales, prices, and listings haven’t moved much. The Canadian Real Estate Association (CREA) describes the market as being as “flat as a pancake.” But what does that mean for you if you’re thinking of buying or selling in Creston or the Kootenays?
What’s Happening in the Canadian Market?
According to CREA’s Senior Economist Shaun Cathcart, the housing market hasn’t shown significant movement this year. But it’s not all bad news! Here’s a quick breakdown of the latest trends: See Full Article Here
- Sales: Home sales across Canada edged up by 1.3% from July to August—modest, but a step in the right direction.
- Listings: The number of newly listed homes increased by 1.1%, meaning there are a few more properties for buyers to choose from.
- Prices: The National MLS® Home Price Index remained unchanged from July to August. On a year-over-year basis, the average home price is almost the same as it was in August 2023, sitting at around $649,100.
Why Is the Market Flat?
It’s all about interest rates. Many Canadians are waiting for the Bank of Canada’s interest rates to drop. While rates have been slowly coming down, with another cut expected in 2025, many buyers are holding off, hoping for better affordability. A report from RE/MAX suggests that 16% of Canadians are waiting for a 1% interest rate drop before entering the market.
A More Active Market on the Horizon?
Despite the market being flat right now, Cathcart is optimistic about what’s ahead. The Bank of Canada recently announced another interest rate cut, bringing the rate down to 4.25%, and he believes this could spur more activity, especially as we head into the fall. September could be the turning point where we see more buyers jumping into the market.
What This Means for Buyers & Sellers in the Kootenays
If you’re thinking about buying or selling this fall, it’s essential to stay informed about these shifts. Prices are stable, interest rates are declining, and inventory is slowly growing. This could create a sweet spot for buyers looking for their dream home or investment property in the Creston Valley.
As James Mabey, CREA’s Chair, suggests: “If you’re looking to buy or sell a property this fall, the first step is to contact a REALTOR® in your area today.”
Your Next Steps
For those in Creston and the surrounding areas, Diana Klejne is here to guide you through these ever-changing market conditions. Whether you’re buying or selling, we’ll help you navigate the local real estate landscape with expertise and care.
Want more tips on selling your home faster and for top dollar or to schedule your Free Market Evaluation?
Contact Diana today! 604-789-8202 Email: [email protected]
