CREA slashes 2022 home sales forecast

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The association’s chair, Jill Oudil, said in a press release that national home sales in August had held steady month over month for the first time since February, a development that could provide an early sign that the “sharp adjustment” across many markets may be nearing an end.

Read next: What will more rate hikes do to Canada’s housing market?

Still, she said some would-be buyers would still opt against purchasing a home despite recent price declines as they wait for prices to potentially fall even further.

“Some buyers may choose to remain on the sidelines until they see clearer signs of borrowing costs and prices also stabilizing,” she said.

Seasonally-adjusted home sales in August were 36,914, just 1% lower than July – although the actual number of home sales (38,368) was notably down compared with the same time last year, by nearly 25%.

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