Canadian Home Sales Slide 6.9% Yearly

We're seeing some notable shifts in the Canadian real estate landscape this mid-Q3, with national home sales down about 1% month-over-month and nearly 7% year-over-year. As economic uncertainty and higher mortgage rates continue to shape the market, the price index has held steady compared to last month but is down around 3% from last year. There’s a bit of renewed activity with newly listed properties rebounding by about 3% after several months of declines, but the sales-to-new listings ratio has eased to approximately 49%, which is below the long-term average of 55%. Economists point to rising inflation risks and shifting economic outlooks as drivers behind these changes, while higher bond yields have pushed fixed mortgage rates even higher. At this stage, there’s a 60% chance of a rate hike early in Q4, with markets anticipating over a full percentage point of tightening by 2027. As someone who works with buyers and sellers across North Vancouver, Burnaby, Coquitlam, New Westminster, and Vancouver West, I’m closely watching these trends to help clients make informed decisions in a changing market.