So much for a cooling in Canada’s major housing markets this fall. Changing housing needs triggered by the pandemic and low interest rates kept the market boiling in November. Local real estate boards reported last month’s resales increased between 23% (Vancouver) and 32% (Montreal) compared to a year earlier and prices accelerated further for the most part. The search for more living space continued to take buyers to the suburbs\u2014and beyond\u2014where activity was up the most and prices rose the fastest. Seasonally-adjusted data (to be published later this month) will likely point to a small drop in resales in a few major markets (including Vancouver) but that’s from high levels and arising from a lack of supply\u2014not weaker demand. The only soft spot remains downtown condos in large urban areas. There, the story is the opposite: plentiful supply. The downturn in rental markets has prompted many condo investors to sell over the past several months. Still, demand has more or less held up\u2014November condo sales were up from a year ago in every market (though barely so in the City of Toronto). Downtown condo prices have flattened since spring and we expect downward pressure to build near term. This will contrast with single-detached prices which we expect will continue to rise briskly.<\/p>\n