Canadian Housing Market Hits Snag as Home Prices Remain Flat

Canada's housing market has hit a snag as home prices remained flat in August. The national benchmark home price was $657,400, unchanged from July and three months earlier.

The Canadian Real Estate Association (CREA) reported that house prices were down 3% year-over-year and 0.6% from six months ago.

Home sales also declined by 0.7% in August compared to the previous month, while new listings rose by 3.3%. This led to a decrease in the national sales-to-new-listings ratio to 49.1%, down from 51.1% in July.

The association's Senior Economist Shaun Cathcart noted that the economic environment has become more challenging due to higher bond yields and potential Bank of Canada rate hikes, which could weigh on the market.