National home sales fell 2.3% month-over-month in September after a 0.7% drop in August, and were down 7.7% year-over-year without seasonal adjustment. The Home Price Index fell 0.4% monthly and 3.4% annually. Newly listed properties dropped 1.8% monthly, and the seasonally adjusted sales-to-new-listings ratio slipped to 48.8% from 49.1%, well below its 54.7% long-term average. CREA's senior economist Shaun Cathcart linked the decline to the recent jump in fixed mortgage rates and widespread expectations of a Bank of Canada rate hike. The BoC is not expected to change rates at its October 28 decision, but money markets are pricing in a 25 basis point hike in December.
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- US home sales rose in September, but slowed from a year earlier as mortgage rates, prices rose
Existing U.S. home sales rose 1.5% from August to a seasonally adjusted annual rate of 3.99 million in September, according to the National Association of Realtors, though they fell 2.2% from a year earlier; August's figure was revised lower. The median sales price climbed 1.3% year over year to $417,500, an all-time high for September and the 39th straight month of annual gains. The average 30-year mortgage rate hit 7.4% last week, its highest in nearly three years, and NAR chief economist Lawrence Yun said rates are unlikely to drop meaningfully soon. Unsold inventory reached 1.6 million, the highest since November 2019 and equal to a 4.8-month supply. Yun said the market is tilting toward buyers who can negotiate better prices.
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- Canadian Home Sales Pull Back in September
Home sales recorded over Canadian MLS® Systems fell 2.3% month-over-month in September 2026 and were 7.7% below September 2025. CREA attributed the pullback to a fresh jump in fixed mortgage rates and expectations that the Bank of Canada will raise rates before year-end. New listings dropped 1.8% month-over-month, while the MLS® Home Price Index edged down 0.4% monthly and fell 3.4% year-over-year. The national average sale price was $666,538, down 1.6% from a year earlier. The sales-to-new listings ratio eased to 48.8% from 49.1% in August.
- Canadian Home Sales Pull Back in September
Home sales on Canadian MLS® Systems fell 2.3% month-over-month in September 2026 and were 7.7% below September 2025 on an unadjusted basis. CREA said the slowdown followed a sharp jump in fixed mortgage rates, with the Bank of Canada widely expected to raise rates before year-end. New listings fell 1.8% month-over-month, leaving national inventory at about 4.9 months, close to the long-term average. The National MLS® Home Price Index edged down 0.4% from August and was down 3.4% year-over-year, reflecting a fresh decline in Ontario, while the average home price was $666,538, down 1.6% from a year earlier. The national sales-to-new listings ratio eased to 48.8% from 49.1% in August, below the 54.7% long-term average.
- Canadian Home Sales Pull Back in September
Home sales recorded on Canadian MLS® Systems fell 2.3% month over month in September 2026 and were 7.7% below September 2025 on an unadjusted basis. New listings dropped 1.8% from August, and the MLS® Home Price Index edged down 0.4% monthly and 3.4% year over year. The national average sale price was $666,538, down 1.6% from a year earlier, while the sales-to-new listings ratio eased to 48.8% from 49.1%, below its long-term average of 54.7%. Inventory stood at 4.9 months, in line with the long-term average. CREA Chair Garry Bhaura said higher fixed mortgage rates make buying harder but could bring more homes to choose from and more negotiating power for buyers.
- Canadian Home Sales Pull Back in September
Home sales across Canada's MLS® Systems fell 2.3% month-over-month in September 2026 and were 7.7% below September 2025 on an unadjusted basis. CREA attributes the pullback to a sharp rise in fixed mortgage rates and expectations that the Bank of Canada will raise rates before year-end, which is adding uncertainty for buyers. New listings dropped 1.8% month-over-month, and the national MLS Home Price Index edged down 0.4% from August, leaving it 3.4% lower than a year earlier. The national average sale price was $666,538, down 1.6% year-over-year, while the sales-to-new-listings ratio eased to 48.8% from 49.1%. With 4.9 months of inventory, supply is in line with the long-term average, and CREA chair Garry Bhaura says buyers may gain more choice and negotiating power while sellers will need a careful pricing strategy.
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