Statistics released by the Canadian Real Estate Association (CREA) show national home sales slowed further in July 2022.
Home sales recorded over Canadian MLS® Systems fell by 5.3% between June and July 2022. While this was the fifth consecutive month-over-month decline in housing activity, it was also the smallest of the five.
Sales were down in about three-quarters of all local markets, led by the Greater Toronto Area (GTA), Greater Vancouver and the Fraser Valley, Calgary and Edmonton.
The actual (not seasonally adjusted) number of transactions in July 2022 came in 29.3% below that same month last year.
“July saw a continuation of the trends we’ve been watching unfold for a few months now; sales winding down and prices easing in some relatively more expensive parts of the country as well as places where prices rose most over the past two years,” said Jill Oudil, Chair of CREA. “That said, the demand that was so strong just a few months ago has not gone away, but some buyers will likely stay on the sidelines until they see what happens with borrowing costs and prices. As they re-enter the market, they’ll find a bit more selection, but not as much as might be expected. As the market continues to evolve, your best bet is to contact your local REALTOR® for information and guidance about how to navigate the current environment,” continued Oudil.
Simple steps to help keep your finances up to date
NC) As we get used to new routines, a new school year and the changing seasons, financial organization can fall to the wayside. But it’s actually a great time to revisit and reset your financial plans. Here are some quick steps to help you stay organized and stay on track this season.
Adjust your bank’s electronic alerts
Your bank is required to send you electronic alerts when your checking or savings account falls below $100 or if you are within $100 of your limit on your credit card.
You can adjust this amount by contacting your bank to set a limit that suits your needs, so that you can avoid missing a payment or paying certain fees.
Reset your wants and needs
A common tip for budgeting is to sort your expenses into wants and needs. That said, a want can become a need as your situation evolves, so it pays to revisit your plan. For example, you may need a car if you can only get to your new job by driving.
By using a tool like the online budget planner from the Financial Consumer Agency of Canada, you can create a snapshot of your situation and find suggestions for your budget that are tailored to your circumstances.
Revisit your emergency fund
Savings accounts are hit hard when the cost of living rises. Maybe your summer vacation cost more than expected. Perhaps a car repair, plumbing problem or extreme weather meant an unforeseen expense. Consider whether it’s time to replenish your emergency fund. Ideally, it would cover 3 to 6 months of your regular expenses or of your income. But even saving a very small amount on a regular basis makes a big difference in the long run.
Find financial tips and resources at Canada.ca/money.www.newscanada.com