Teagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
"With the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now," says CREA’s Senior Economist.
But Cathcart keeps things real. "With the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now," he said. "This could further boost the rebound expected in 2025 at the expense of the last few months of this year.", but the payoff come 2025 will make it all worth it, is CREA's sentiment. In fact, in a separate, CREA forecasted that national home sales will climb 6.
With listings outstripping sales once again in September, the national sales-to-new listings ratio eased to 51.3%, down from 52.8% in August. The average months of inventory now sits at 4.1 months, slightly down from August's 4.2 months. Along with sales, prices also inched up in September, putting the actual national average home price at $669,630, up 2.1% from September 2023. The National Composite MLS® Home Price Index inched up 0.1% from August to September, "however, small ups and downs aside, the bigger picture is that prices at the national level have remained mostly flat since the beginning of the year," said the report.
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