Canadian Home Prices Fall For The First Time Since March

Buyers stuck to the sidelines in September, leading home prices and sales to fall across Canada as new listings edged up.Rising interest rates are keeping prospective homebuyers on the sidelines across Canada, leading to a third-straight month of falling sales and the first national price decline since March.its predecessor

As such, the national sales-to-new-listings ratio eased to 51.4%, signalling a firmly balanced market. Down from 55.7% in August and the peak of 67.8% seen in April, this marks the first time the measure has dipped below its long-term average of 55.2% since January. The Aggregate Composite MLS Home Price Index dipped 0.3% on a monthly basis in September to $753,900, marking the first decline since the spring resurgence began in March.

On an annual basis, the Aggregate Composite MLS HPI rose 1.1%, a trend that is expected to continue — despite monthly declines — due to the base effect created by significant price declines throughout the second half of 2022.

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