Monthly Housing Market Update

Formerly overheating markets in Ontario and parts of the BC Lower Mainland have been the epicentre of the downturn to date.

Earlier (super) tight demand-supply conditions are easing rapidly.

Rapidly rising interest rates are having a definite chilling effect on housing market activity across Canada.

The Bank of Canada’s interest rate liftoff was quick to rein in supercharged housing activity and weigh on home prices. Back-to-back overnight rate hikes in March and April—including an outsized 50 basis-point increase last month—set the stage for a sizable 12.6% drop in home resales across Canada between March and April. More importantly, benchmark prices […]

Home resales and new listings both fell by similar extents in March—down 5.4% m/m and 5.5%, respectively, nationwide—keeping inventories scarce.

Even more sellers will need to list their properties to rebalance Canada’s housing market.

Market activity started 2021 with a bang and stayed incredibly strong all year. Canada’s housing market enters 2022 in broadly the same way than it did in 2021: under the scorching heat of supercharged demand running against historically low inventories.

Home resales picked up 0.6% m/m to 651,000 units (seasonally adjusted and annualized) in November nation-wide.

Successful buyers had to dig deeper into their purchasing budget to beat the competition. – RBC Economics

Canada's housing market has calmed down considerably this summer, taking some of the heat off property values across many parts of the country.

The Canadian housing market has calmed down considerably this summer, taking some of the heat off property values across many parts of the country.

Home resales continued to transition toward more normal levels in July, after reaching extreme—and clearly unsustainable—levels earlier this year.