Latest news with #ShaunCathcart
Global News
15-05-2025
- Business
- Global News
Canadian real estate market entering a ‘transition period,' says CREA
The latest data suggests Canada's housing market may be showing a sense of calm amid an uncertain trade war, and that things may be starting to slowly pick up. According to the latest report from the Canadian Real Estate Association (CREA), April saw actual home sales fall 9.8 per cent compared to the same period in 2024. 'Actual' in this sense means the data counts the total number of sales recorded in the month. However, on a seasonally-adjusted basis, the report for April showed national home sales were virtually unchanged from March of this year, with a drop of 0.1 per cent. This 'seasonally-adjusted' method of analysis is preferred by most economists because it eliminates seasonal variations and highlights the underlying economic picture. 'Sales have been falling rapidly, really since January 20th, when the tariffs were first announced, we could see it in daily data,' says senior economist Shaun Cathcart at CREA. Story continues below advertisement 'And so as of March, we were 20 per cent down from just November, and that's huge. What stood out in April was that we didn't fall at all, just sort of paused. So in that sense, I guess flat is the new up.' 4:10 Pressure for the Bank of Canada to lower interest rates The report also shows the number of new properties added to the real estate market fell by one per cent in April compared to March, and the MLS Home Price Index (the average listing price) fell 1.2 per cent. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Compared to 2024, listing prices fell an average of 3.6 per cent across Canada, and the actual sale price was down 3.9 per cent compared to April of last year. 'So sellers are definitely willing to give a little bit, understanding that it's not the same market that it was four years ago, but it's not to the point where prices are in free fall,' says Cathcart. Story continues below advertisement 'It's still a negotiation, and I think people are still coming to a mutually agreed upon result at this point.' 4:55 New cabinet role puts former Vancouver mayor back in the spotlight The outlook for the trade war has many buyers and sellers waiting on the sidelines to see how tariffs will develop, as well as interest rates determined by the Bank of Canada which affects mortgage rates for home buyers. This new data from CREA suggests the real estate market may have already seen the worst of the impacts. 'Right now we're in the transition period between uncertainty and the certainty that this (trade war) is going to be damaging to our economy,' says Cathcart. 'I think that the fear, the risk is if we have massive layoffs, then you'd get a lot of people that have to sell and can't wait and can't negotiate and just have to get rid of that asset. We're not there yet, but certainly that's the risk of this trade war.'
Toronto Star
15-05-2025
- Business
- Toronto Star
Home sales down almost 10% annually last month: Canadian Real Estate Association
The Canadian Real Estate Association says home sales in April fell 9.8 per cent compared with the same month last year, as the national housing market has returned 'to the quiet markets we've experienced since 2022.' A total of 44,300 residential properties changed hands across Canada last month, compared with 49,135 in April 2024. On a seasonally adjusted month-over-month basis, home sales last month ticked down 0.1 per cent. ARTICLE CONTINUES BELOW CREA senior economist Shaun Cathcart said tariff-related uncertainty is continuing to keep buyers on the sidelines, similar to how high interest rates chilled demand during the second half of 2022 and much of 2023 before the Bank of Canada began cutting. 'Given the increasing potential for a rough economic patch ahead, the risk going forward will be if an average number of people trying to sell their homes turns into a large number of people who have to sell their homes, and that's something we have not seen in decades,' he said in a news release. The association also said new listings fell one per cent month-over-month. There were 183,000 properties listed for sale across Canada at the end of April, up 14.3 per cent from a year earlier but still below the long-term average for the month of around 201,000 listings. It said increased supply levels are being driven by higher inventories in B.C. and Ontario, while tight inventories remain everywhere else. The actual national average sale price of a home sold in April was $679,866, down 3.9 per cent from a year ago. CREA's own home price index, which aims to represent the sale of typical homes, fell 1.2 per cent from March. TD economist Rishi Sondhi called April 'another subdued month' for home sales. 'Economic uncertainty likely continued to keep potential buyers sidelined,' he said in a note. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'With last month's soft showing (and weak momentum heading into the quarter) we're currently tracking another decline in Canadian home sales in Q2 following their sizable first quarter contraction.' Last month, the association downgraded its forecast for home sales this year, saying total transactions would likely be on par with 2024 — a steep cut from its January forecast of an 8.6 per cent increase in 2025. Sondhi said that could lead to more pent-up demand, which had already been building in Ontario and B.C. before the Canada-U.S. trade war began. 'History shows that Canadian housing markets can surge after lulls, so if confidence improves later in the year (which is our view), the market could see sales pop,' he said. 'However, Canadian average home price growth is likely to remain a laggard for much of the year, given very loose supply/demand balances in B.C. and Ontario.' This report by The Canadian Press was first published May 15, 2025.
CTV News
15-05-2025
- Business
- CTV News
Home sales down almost 10% annually last month: Canadian Real Estate Association
The Canadian Real Estate Association says home sales in April fell 9.8 per cent compared with the same month last year, as the national housing market has returned "to the quiet markets we've experienced since 2022." A sold home is pictured in Vancouver, B.C., Thursday, Feb. 11, 2016. THE CANADIAN PRESS/Jonathan Hayward The Canadian Real Estate Association says home sales in April fell 9.8 per cent compared with the same month last year, as the national housing market has returned 'to the quiet markets we've experienced since 2022.' A total of 44,300 residential properties changed hands across Canada last month, compared with 49,135 in April 2024. On a seasonally adjusted month-over-month basis, home sales last month ticked down 0.1 per cent. CREA senior economist Shaun Cathcart said tariff-related uncertainty is continuing to keep buyers on the sidelines, similar to how high interest rates chilled demand during the second half of 2022 and much of 2023 before the Bank of Canada began cutting. 'Given the increasing potential for a rough economic patch ahead, the risk going forward will be if an average number of people trying to sell their homes turns into a large number of people who have to sell their homes, and that's something we have not seen in decades,' he said in a news release. The association also said new listings fell one per cent month-over-month. There were 183,000 properties listed for sale across Canada at the end of April, up 14.3 per cent from a year earlier but still below the long-term average for the month of around 201,000 listings. It said increased supply levels are being driven by higher inventories in B.C. and Ontario, while tight inventories remain everywhere else. The actual national average sale price of a home sold in April was $679,866, down 3.9 per cent from a year ago. CREA's own home price index, which aims to represent the sale of typical homes, fell 1.2 per cent from March. TD economist Rishi Sondhi called April 'another subdued month' for home sales. 'Economic uncertainty likely continued to keep potential buyers sidelined,' he said in a note. 'With last month's soft showing (and weak momentum heading into the quarter) we're currently tracking another decline in Canadian home sales in Q2 following their sizable first quarter contraction.' Last month, the association downgraded its forecast for home sales this year, saying total transactions would likely be on par with 2024 — a steep cut from its January forecast of an 8.6 per cent increase in 2025. Sondhi said that could lead to more pent-up demand, which had already been building in Ontario and B.C. before the Canada-U.S. trade war began. 'History shows that Canadian housing markets can surge after lulls, so if confidence improves later in the year (which is our view), the market could see sales pop,' he said. 'However, Canadian average home price growth is likely to remain a laggard for much of the year, given very loose supply/demand balances in B.C. and Ontario.' This report by The Canadian Press was first published May 15, 2025. Sammy Hudes, The Canadian Press
Vancouver Sun
15-05-2025
- Business
- Vancouver Sun
Home sales down almost 10% annually last month
The Canadian Real Estate Association says home sales in April fell 9.8 per cent compared with the same month last year, as the national housing market has returned 'to the quiet markets we've experienced since 2022.' A total of 44,300 residential properties changed hands across Canada last month, compared with 49,135 in April 2024. On a seasonally adjusted month-over-month basis, home sales last month ticked down 0.1 per cent. CREA senior economist Shaun Cathcart said tariff-related uncertainty is continuing to keep buyers on the sidelines, similar to how high interest rates chilled demand during the second half of 2022 and much of 2023 before the Bank of Canada began cutting. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Given the increasing potential for a rough economic patch ahead, the risk going forward will be if an average number of people trying to sell their homes turns into a large number of people who have to sell their homes, and that's something we have not seen in decades,' he said in a news release. The association also said new listings fell one per cent month-over-month. There were 183,000 properties listed for sale across Canada at the end of April, up 14.3 per cent from a year earlier but still below the long-term average for the month of around 201,000 listings. It said increased supply levels are being driven by higher inventories in B.C. and Ontario, while tight inventories remain everywhere else. The actual national average sale price of a home sold in April was $679,866, down 3.9 per cent from a year ago. CREA's own home price index, which aims to represent the sale of typical homes, fell 1.2 per cent from March. TD economist Rishi Sondhi called April 'another subdued month' for home sales. 'Economic uncertainty likely continued to keep potential buyers sidelined,' he said in a note. 'With last month's soft showing (and weak momentum heading into the quarter) we're currently tracking another decline in Canadian home sales in Q2 following their sizable first quarter contraction.' Last month, the association downgraded its forecast for home sales this year, saying total transactions would likely be on par with 2024 — a steep cut from its January forecast of an 8.6 per cent increase in 2025. Sondhi said that could lead to more pent-up demand, which had already been building in Ontario and B.C. before the Canada-U.S. trade war began. 'History shows that Canadian housing markets can surge after lulls, so if confidence improves later in the year (which is our view), the market could see sales pop,' he said. 'However, Canadian average home price growth is likely to remain a laggard for much of the year, given very loose supply/demand balances in B.C. and Ontario.' Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
National Post
15-05-2025
- Business
- National Post
Home sales down almost 10% annually last month
The Canadian Real Estate Association says home sales in April fell 9.8 per cent compared with the same month last year, as the national housing market has returned 'to the quiet markets we've experienced since 2022.' Article content Article content A total of 44,300 residential properties changed hands across Canada last month, compared with 49,135 in April 2024. Article content On a seasonally adjusted month-over-month basis, home sales last month ticked down 0.1 per cent. Article content Article content CREA senior economist Shaun Cathcart said tariff-related uncertainty is continuing to keep buyers on the sidelines, similar to how high interest rates chilled demand during the second half of 2022 and much of 2023 before the Bank of Canada began cutting. Article content There were 183,000 properties listed for sale across Canada at the end of April, up 14.3 per cent from a year earlier but still below the long-term average for the month of around 201,000 listings. Article content It said increased supply levels are being driven by higher inventories in B.C. and Ontario, while tight inventories remain everywhere else. Article content Article content The actual national average sale price of a home sold in April was $679,866, down 3.9 per cent from a year ago. CREA's own home price index, which aims to represent the sale of typical homes, fell 1.2 per cent from March. Article content Article content TD economist Rishi Sondhi called April 'another subdued month' for home sales. Article content 'Economic uncertainty likely continued to keep potential buyers sidelined,' he said in a note. Article content 'With last month's soft showing (and weak momentum heading into the quarter) we're currently tracking another decline in Canadian home sales in Q2 following their sizable first quarter contraction.' Article content Last month, the association downgraded its forecast for home sales this year, saying total transactions would likely be on par with 2024 — a steep cut from its January forecast of an 8.6 per cent increase in 2025. Article content Sondhi said that could lead to more pent-up demand, which had already been building in Ontario and B.C. before the Canada-U.S. trade war began. Article content 'History shows that Canadian housing markets can surge after lulls, so if confidence improves later in the year (which is our view), the market could see sales pop,' he said. Article content 'However, Canadian average home price growth is likely to remain a laggard for much of the year, given very loose supply/demand balances in B.C. and Ontario.' Article content
