{"id":2236,"date":"2023-09-15T20:12:29","date_gmt":"2023-09-15T20:12:29","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2023\/09\/15\/housing-market-stagnation-setting-in\/"},"modified":"2025-03-26T04:54:41","modified_gmt":"2025-03-26T04:54:41","slug":"housing-market-stagnation-setting-in","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/housing-market-stagnation-setting-in\/","title":{"rendered":"Housing market stagnation setting in"},"content":{"rendered":"<p>Higher interest rates continue to cool down Canada\u2019s housing market following a surprising solid rebound this spring. August marked the second-straight month home resales dipped (down 4.1% from July) and home price gains moderated. Earlier tight demand-supply conditions eased further as the number of homes put up for sale climbed again (albeit slightly). The majority of local markets have sharply rebalanced by now. We think the cooling trend will extend into the fall season despite the Bank of Canada pausing its rate hike campaign. <\/p>\n<div id=\"everviz-JEJN_-lUU\" class=\"everviz-JEJN_-lUU\"><script src=\"https:\/\/app.everviz.com\/inject\/JEJN_-lUU\/?v=3\" defer=\"defer\"><\/script><\/div>\n<h2>Sales momentum slows across most major markets<\/h2>\n<p>The retreat in home resales last month was sharpest in British Columbia \u2013 particularly the Fraser Valley (-12.1% m\/m), Victoria (-10.8%), and Vancouver (-8.5%). A softer tone was also present in Ontario where even its more affordable markets (for example, Sudbury and Windsor-Essex) reported material declines. The Greater Toronto Area recorded a modest 1.0% drop though surrounding areas \u2013 such as Hamilton-Burlington (-11%) and Kitchener-Waterloo (-7.7%) posted more sizable drops. <\/p>\n<div id=\"everviz-cOEy_gqi2\" class=\"everviz-cOEy_gqi2\"><script src=\"https:\/\/app.everviz.com\/inject\/cOEy_gqi2\/?v=4\" defer=\"defer\"><\/script><\/div>\n<p>Activity in Quebec also hit a soft patch. Month-over-month sales activity contracted across all CMAs except Trois-Rivi\u00e8res. <\/p>\n<p>With the exception of Halifax (-7.5% m\/m) and Saskatoon (-0.2%), markets in the Prairie and Maritime regions continued to rebound. Calgary (+4.0) remained one of Canada\u2019s hottest markets.<\/p>\n<h2>Demand-supply conditions eased across most markets<\/h2>\n<p>The supply side of the equation was more varied across markets in August. There was about an equal number of them recording an increase in new listings as a decrease. Still, this didn\u2019t stop demand-supply conditions from broadly easing. Most markets in British Columbia, Ontario, and parts of Quebec and Atlantic Canada are in balance territory. <\/p>\n<div id=\"everviz-DU3tbxEEk\" class=\"everviz-DU3tbxEEk\"><script src=\"https:\/\/app.everviz.com\/inject\/DU3tbxEEk\/?v=3\" defer=\"defer\"><\/script><\/div>\n<p>Prairie markets remain generally tight though. Sellers in Calgary, in particular, hold considerable pricing power. <\/p>\n<h2>Home price growth reaches slowest pace in five months<\/h2>\n<p>More balanced conditions are lessening the degree of competition between buyers, which helps pin down price escalation. Canada\u2019s MLS Home Price Index rose at the slowest pace in five months in August, up just 0.4% from July. That\u2019s less than a quarter the average rate of 1.8 recorded between April and June. <\/p>\n<p>Still, prices  have now moved above year-ago levels. The national MLS HPI was up 0.4% y\/y in August. Halifax (9.5%), Calgary (+7.3%) and Quebec City (+6.4%) lead the country among larger markets on that front. <\/p>\n<h2>Quiet activity expected over the back half of the year<\/h2>\n<p>We believe Canada\u2019s housing market is likely to stay relatively calm in the months ahead. High interest rates and homeownership costs are expected to continue crossing the budget line for many potential buyers, and a looming economic downturn is poised to undermine the confidence of market participants. The same factors could also potentially strain existing homeowners \u2013 forcing the hand of some of them to list their property. We think more balanced will keep the pace of future price gains muted. Slight declines cannot be ruled out.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/August_market_snapshot.jpg\" alt=\"\" width=\"1157\" height=\"419\" class=\"alignnone size-full wp-image-51969\" \/><\/p>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc;\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"display: inline-block; vertical-align: top;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"display: inline-block; vertical-align: top;\">\n<h4 class=\"mar-t\">See PDF with complete charts<\/h4>\n<p><a class=\"btn tertiary\" style=\"text-decoration: none;\" role=\"button\" href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2024\/11\/Canada_housing_market.pdf\" target=\"_blank\" rel=\"noopener\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n<style class=\"advgb-styles-renderer\">h2{font-size:23px;font-weight: 500;}<\/style>\n","protected":false},"excerpt":{"rendered":"<p>Higher interest rates continue to cool down Canada\u2019s housing market following a surprising solid rebound this spring.<\/p>\n","protected":false},"author":300,"featured_media":2235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,38,50],"tags":[],"class_list":["post-2236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-canadian-housing","category-monthly-housing-market-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing market stagnation setting in - RBC Economics<\/title>\n<meta name=\"description\" content=\"Higher interest rates continue to cool down Canada\u2019s housing market following a surprising solid rebound this spring.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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