Canadian home sales fell 1.9 per cent in September compared to August, the Canadian Real Estate Association reported Friday.
However, sales were up 1.9 per cent compared to September of 2022.
In Ontario, sales volumes fell in the Greater Toronto Area, but rose in Kitchener-Waterloo.
Home prices slipped in Ontario in September – the average price of a single-family house reached $999,500, having been just over $1 million in June, July and August. Condo prices were down 0.3 per cent from September of 2022.
In Niagara, apartments also saw the biggest decline, some 3.1 percent, while the average price of a single family home dropped 1.3 percent, to $685,000. Townhomes, however, saw a slight boost over last year, with an increase in value of 1.1 percent, to $623,300.
"What happens next will depend on interest rates,” Shaun Cathcart, CREA’s senior economist, said in a release.
“Whether that means uncertainty about the possibility of further hikes, or just the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter than normal winter with all eyes on the Bank of Canada.”
