RBC predicts cyclical bottom this summer after a tumultuous year that saw prices and activity reach record highs before the onslaught of rate hikes reversed course. RBC | realestate realestatenews Canada housingmarket
The quiet end to 2022 gave way to a January coloured by persistently weak activity and continued price declines, and buyers across Canada are “clearly on the defensive,” Hogue noted, with many still sidelined by strangled budgets and unaffordable mortgages.
The city’s price correction will carry on, though. The MLS HPI has declined for 11 consecutive months, including a 0.2% drop from December to January, but has thus far reversed less than a third of the 57% gain amassed over the first two years of the pandemic. Despite a sharp increase in listings in January, resale activity in Vancouver is nearing its lowest point since the global financial crisis . Activity fell another 7% month-over-month in January, resulting in an annual decline of 55%.
Meanwhile, Calgary finds itself in “soft landing mode” with the tightest demand-supply conditions in western Canada. Although home resales fell for the 11th straight month in January, they’re still 32% above pre-pandemic levels. The 8% decline from December can be attributed to a drop in new listings.
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