Calgary, Regina, Saskatoon and St. John’s homes prices posted the smallest decreases from their peaks earlier in 2022.
Canadian Real Estate Association statistics from December show sales declined by 39 per cent from 2021, one of the single-biggest sales declines on record year over year.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
Sales had declined for several months last year following interest rate increases by the Bank of Canada to ease inflation, which increased mortgage rates. Overall, sales fell about 20 per cent in 2022 in Canada from 2022.The rise did not stop price declines, however, falling about two per cent month over month in December to $626,318 in Canada.This advertisement has not loaded yet, but your article continues below.
Lower listings helped raise the sales-to-new-listings ratio slightly in December to about 54 per cent versus 50 per cent in November. Both ratios show a Canadian market in balance between buyer demand and sellers, and near the long-term average of about 55 per cent. Canada averaged about four months of supply in December, nearly a full month below the long-term average, CREA states.
Prices dropped across all markets — though Calgary, Regina, Saskatoon and St. John’s prices posted the smallest decreases from their peaks earlier in 2022.Excluding those two cities, the average price of a home in Canada at the end of December would be $118,000 lower at $508,318, it noted.
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