There were hints for some time the cyclical bottom would be reached this spring but April pretty much sealed the deal. Early results from real estate boards gave strong indications local markets turned a corner last month. In most cases, activity ramped up significantly (from depressed levels in March) and prices ticked higher. Toronto, Vancouver and Calgary led the way though Montreal wasn\u2019t far behind. While still beset by a sharp loss of affordability in the last couple of years, buyers appear more confident to house hunt now that the Bank of Canada has paused its aggressive rate hike campaign (for good we believe). There were also more properties put up for sale last month. Not a whole lot but probably enough to whet buyers\u2019 appetite.<\/p>\n
The coming months should be quite interesting. The other side of the valley promises a better environment for sellers who might have previously been reluctant to sell in a down market. This will hopefully bring in more supply and prop up historically low inventories. The end of price corrections is also poised to spur some market-timing buyers into action. Both factors would sustain or even extend April\u2019s gains. That said, the lack of affordability will remain a huge issue, especially for first-time buyers. Our view is this will significantly limit any recovery at first. <\/p>\n