With the surprising rally in sales came a drop in new listings, which had a “considerable” impact on Canadian real estate markets, Cathcart said.

The number of newly listed properties was down 5.1% in December compared to November, dropping down to levels Canada hasn’t seen since June 2023.

In technical terms: The sales-to-new listings ratio tightened to 57.8% compared to just 50.5%. The long-term average ratio is 55%.

In other words: Canada is currently in a balanced market but teetering on re-entering sellers’ market territory.

Sales up, new listings down—what about prices?

Before we get into pricing, three months ago we told you about the base effect—a term in the statistics world that’s used to describe how results can greatly differ depending on reference points. Take, for instance, the current actual (not seasonally adjusted) national average home price of $657,145. Compared to December 2022, that figure is up 5.1%—making it seem like a noteworthy gain. However, to hit the highs experienced in 2022, the average price would need a whopping 24% gain.

The Aggregate Composite MLS® Home Price Index (HPI)—the most accurate tool available exclusive to REALTORS® to gauge a neighbourhood’s home price levels and trends—declined 0.8% on a month-over-month basis for the third straight month. December’s drop was smaller than the 1% decrease reported in November and the 0.9% decrease in October.

“We’re seeing prices look like they’re finally starting to stabilize as well,” Cathcart explained, before hinting at where he believes home prices are heading. “With markets suddenly much tighter, watch that MLS® HPI number next month, because I suspect that these declines are closer to being in the rear view mirror.”

Quarterly forecast revisions for 2024

Using all the latest CREA data, it’s expected 489,661 properties will trade hands across Canadian MLS® Systems in 2024, representing a 10.4% increase compared to 2023. The bigger sales gains in 2024 are expected to come from provinces where housing demand is strong (Alberta in particular), along with provinces that are expected to see a rebound from historically low sales volumes (British Columbia, Ontario, Nova Scotia).

Prices, on the other hand, aren’t expected to rise as sharply. The national average home price is forecast to climb 2.3% on an annual basis to $694,173 in 2024. Alberta, Quebec, New Brunswick, Nova Scotia and Newfoundland and Labrador are all forecast to see price gains in excess of the national increase. British Columbia and Ontario are forecast to see prices largely remain flat.

Remember, Canada’s real estate markets differ from province to province and region to region.


I have sold a property at 436 CAMBRIDGE WAY in PORT MOODY

I have sold a property at 436 CAMBRIDGE WAY in PORT MOODY on Jan 14, 2024. See details here

Welcome to this LOVELY 2 BDRM and DEN townhome in sought after EASTHILL. Enjoy large private back yard, and multiple decks, spacious room sizes over 3 levels, beautiful RENO'D KITCHEN, butcher block counters leading to your super bright dining and living room. Peak a view water views and mountain views. Down you'll find cozy living room, and rec room leading to covered deck and huge back yard. Call now.


I have sold a property at 302 CORNELL WAY in PORT MOODY

I have sold a property at 302 CORNELL WAY in PORT MOODY on Dec 24, 2023. See details here

This end unit townhome is situated in the friendly, family oriented community of Easthill. The home boasts the best location in the strata, you will love the spacious rooms & closets, the large private yard, partial water views and two sundecks. The quiet complex has a pro-active strata, is safe, well kept, close to amenities & to the Barnet Hwy for your commute to downtown Vancouver. Living rm, dining rm, bath & galley kitchen are on the main with access to one of the partially covered decks for your BBQ & sitting area. Upstairs are 3 large bedrooms & full bathroom; primary bedroom has a good sized walk-in closet & another private deck. Down is a recreation room with walk-out to covered patio & back yard backing onto the greenbelt, laundry & bonus room that could be another bedroom, den or office. Lots of storage including in the laundry room, crawl space & shed. New Hot Water tank, 1 yr old Washer & Dryer, & 2 designated parking spots. Walk to park, tennis courts & water park. Indoor pool, sauna & amenity rm

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