The Canadian Real Estate Association (CREA) reported that national home sales fell 1.9% between August and September 2023, marking the third straight monthly decline.

The drop was smaller than August’s decrease, with losses in Vancouver and Toronto partly offset by gains in Montreal, Edmonton, and Kitchener-Waterloo. However, sales activity remains down overall since the spring rebound.

On an actual basis, September transactions were still 1.9% above September 2022 levels. New listings jumped 6.3% month-over-month, bringing inventory to 3.7 months nationally, up from recent lows but below historical averages.

The MLS Home Price Index edged down 0.3% monthly in September but was still up 1.1% annually. The national average sale price rose 2.5% year-over-year to $655,507.

CREA’s chair said the slowdown presents opportunity for buyers, though many still seem content to wait for more evidence of peak rates. The economist added that with low inventory, the market will likely stay quiet into winter as eyes fix on the Bank of Canada.

Overall, data continues to reflect cooling momentum after the pandemic boom. Moderation in sales and new supply additions suggest more balance returning, though prices remain supported on low historical inventory. Affordability issues persist with elevated rates.

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