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Why home prices keep climbing even though sales are falling

Vancouver, Toronto, Calgary
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Home sales in Canada ↓ 14% YoY in August, CREA reported Sept. 15; does this mean demand is weakening? Not when it comes to the Canadian market, the sales dip can largely be attributed to the lack of homes for sale. New listings in August ↓ 22.2% YoY, ~18K fewer homes on the market, while the national avg sale price ↑ 13.3% to $663,503. August 2021 was still the second-busiest August on record, with 52K homes, $33B worth of Real Estate, changing hands. CREA expects prices to keep surging: a return to pre-pandemic normalcy, and the increased immigration that results, will “ultimately act as tailwinds for housing demand.” It projects the avg home price in Canada will reach $680K this year, ↑ 19.9% YoY, before ↑ to ~$718K in 2022.

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Canada, Ottawa