The number of new listings increased across all major markets, except Montreal this September. The influx is continuing to build inventory\u2014which is still hovering near the equivalent of four months of supply. Alongside weaker buying activity, the inventory accumulation is taking some of the steam out of most markets.<\/p>\n
Even with 75 basis points worth of interest rate cuts, we aren\u2019t seeing buying activity pick up across the board just yet. Canada\u2019s most expensive markets (Vancouver and Toronto) are still seeing modest fluctuations\u2014keeping activity relatively stagnant since the spring. Easing supply-demand pressures are keeping prices in these markets on a downtrend too.<\/p>\n
Buying activity continues to fluctuate around historically high levels in Calgary, while clearer signs of a rebound form in Montreal. Edmonton, on the other hand, is still leading the charge with resale activity and price growth despite the monthly decline in September.<\/p>\n
Housing market activity has already turned a corner in some markets, but high interest rates continue to price out many potential buyers in more expensive jurisdictions. We expect a gradual uptick in activity and prices over the remainder of the year as additional rate cuts<\/a> slowly (and modestly) improve affordability.<\/p>\n