Pre-Mover Figures Continue to Decline Despite Optimal Selling Time
In August, Cleanlist identified 59,467 pre-movers in Canada. We reported a minor 8.3% decrease in pre-movers month-over-month from July 2024 to August 2024. Additionally, we saw a 5.1% decrease in pre-movers year-over-year from August 2023 to August 2024.
This intent data is significant considering pre-movers’ numbers have dropped greatly in the last two months. Traditionally, the summer months are an ideal time for homeowners to put their houses on the market; however, we are seeing a shift this year, most likely due to decreased interest rates.
Significant Intent Data from August 2024
- The provinces with the biggest decreases in pre-movers year over year from August 2023 to August 2024 were Newfoundland (-18.4%), New Brunswick (-10.7%), and British Columbia (-9.5%).
- The only provinces to see an increase in pre-movers from August 2023 to August 2024 were the Yukon Territory (13.6%) and the Northwest Territories and Nunavut (4.4%).
- The provinces that saw the biggest decrease in pre-movers month-over-month from July 2024 to August 2024 were British Columbia (-16.4%), Nova Scotia (-12.5%) and New Brunswick (-11.5%).
- The only province to see an increase in pre-movers from July 2024 to August 2024 was Saskatchewan (1.1%).
Why homeowners may be holding on to their homes
Recently, there has been a lot of buzz around interest rates and if they will continue to drop over the next few months. While lower interest rates generally encourage home buying, they can also influence homeowners to stay put. This is a great opportunity for homeowners to refinance or secure better terms on their current mortgages, putting a delay on selling. This reluctance could be contributing to the lower number of pre-movers.
Additionally, the lack of urgency may come from homeowners waiting to strike when the moments right in hopes of getting a good deal in a more favourable market. As the market adjusts, monitoring interest rates is crucial for homeowners and homebuyers to understand the long-term impact on housing and real estate prices.
Why Canadian Home Listing Intent Data Matters to You
Cleanlist tracks Canadian intent data on properties listed for sale or rent daily. This list is called “pre-movers,” representing households that will be big spenders in the coming months.
Marketers of consumer-oriented products and services stand to benefit most. Families planning a move are beginning a large spending cycle that includes everything related to physically moving, financial services, and home improvements like roofing, landscaping, furniture, internet and telecom services, and other related categories. Engaging with these consumers early and promoting solutions is a smart strategy that many savvy marketers have successfully used.
