Canada's housing market still in a slump: CREA

Canada’s housing market is still in a slump, with fewer properties being listed and fewer sales being made, according to new monthly data from the Canadian Real Estate Association (CREA).

Canada’s housing market is still in a slump, with fewer properties being listed and fewer sales being made, according to new monthly data from the Canadian Real Estate Association (CREA).

The data, released Wednesday by CREA, showed that Canadian home sales are continuing to see a downward trend, falling by 5.6 per cent in October.

“We’re only in November, but it appears many would-be home buyers have already gone into hibernation,” Larry Cerqua, chair of CREA, said in a release. “The October numbers also revealed some sellers may be shelving their plans until next spring.”

The number of new listings also fell by 2.3 per cent in October compared to the previous month.

This meant that the sales-to-new listings ratio slipped to 49.5 per cent, which CREA says is a “10-year low.”