The Canadian housing market is witnessing one of the lowest annual sales volumes in more than a decade, according to the latest statistics issued by the Canadian Real Estate Association (CREA), despite a jump in sales in December compared to November.

In a statement, the Canadian Real Estate Association CREA highlighted that annual home sales reached 443,511 units in 2023, down more than 11 percent from 2022, and technically the lowest level of national sales activity since 2008.

When it comes to price, the national average sale price was 5.1 percent higher in December 2023 compared to December 2022. But based on some calculations made by the Real Estate Board, the price fell at the end of 2023 compared to November.

Nevertheless, compared to November 2023, national home sales increased by 8.7 percent in December.

The Canadian Real Estate Association CREA warns that this may not be the start of the trend.

"Is the December home sales rebound considered the start of the anticipated recovery in Canadian housing markets? Sean Cathcart, Chief Economist at the Canadian Real Estate Association, said in a press release, probably not yet."