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Nationwide home prices fell again in November as there were signs that sellers were abandoning the housing market after rushing to list properties for sale earlier in the fall.
According to the Canadian Real Estate Association on Dec. 14, the average home price fell 0.4 percent month-over-month in November to $644,107.
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The MLS Home Price Index (HPI), meanwhile, fell 1.1 percent compared to October but remained up 0.6 percent year-over-year.
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Sales also fell in November, but the 0.9 percent decline from October was the lowest monthly decline since July.
The number of newly listed properties also fell by 1.8 percent.
“While it was clear starting around August that many buyers would likely go back to the sidelines until at least next spring, a surprising number of sellers still decided to try their luck this fall,” Shaun Cathcart, senior economist at CREA, said in the report . “They didn't get any offers that they wanted to accept and it looks like a lot of them have now also resigned themselves to laying low until next year. This is probably a good move as recent interest rate cut expectations suggest the spring market may be a little more active than we thought.”
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Prices in Ontario were the first to fall. Winnipeg, Halifax and the Fraser Valley also saw declines, while Alberta, Saskatchewan, New Brunswick, Prince Edward Island and Newfoundland and Labrador are still seeing rising prices.
Larry Cerqua, chairman of CREA, said he doesn't expect any eye-catching developments in the resale real estate market in the next few months. He said this was positive and showed that the market was gradually stabilizing in a balanced state.
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