According to the Canadian Real Estate Association (CREA), prices fell 12% in November. Meanwhile, housing sales are down 38.9% from a near record in November of 2021.
Benchmark home prices fell 1.4 per cent and sales volumes declined by 3.3 per cent on a month-over-month basis in November as rising interest rates discouraged potential homebuyers. The association says November’s trend more than erased the gain seen in October and resumed the overall downward trend for the year.
60 per cent of domestic markets saw lower sales in November, led by declines of 15.3 per cent in the Greater Vancouver Area, 13.8 per cent in Victoria, 12.1 per cent in Ontario’s Niagara Region and 11.9 per cent in Regina.
In November 2022, the actual national average home price in Canada was $632,802.