Canadian housing market - September update

A 4-point uptick from August to almost 'good' territory, with prices improving to 'exceptional' and the competitive environment advancing to 'very good'. Sales and interest rate scores remain unchanged and continue to be below average.

Author

Analytical insight
October 21, 2024

The Canadian Real Estate Association (CREA) just released its September data, and following are the resulting HAi and underlying scores:

The HAi improved from 70.2 to 74.6, remaining in ‘fairly good’ territory, for all dwelling-types, nation-wide. Head over to analyticalinsight.ca to filter for specific geographies and housing types.

Compared to August:

  • Pricing environment improved to ‘exceptional’ territory (92.5), from a ‘very good’ rating, with a 9% improvement month-on-month

Source: CREA / Analyticalinsight.ca

  • Competitive environment also improved slightly, from ‘good’ to ‘very good’, with a 17% increase MoM

  • Sales and interest rate scores remained unchanged and continue to be below average

Bottom-line: The HAi score is within touching distance of a ‘good’ time to buy, with improvements in price and less competition making it a better time to buy than in August. Impending interest rate cuts could mean a move into ‘good’ territory soon, after what feels like ages.