The worst of falling home sales and prices may be behind us, but before you get too excited …. Read on
“Has the Canadian real estate market adjusted to the higher cost of borrowing?” asked aHome sales rose 1.3 per cent in October from the month before, the first monthly gain since February. About 60 per cent of Canadian housing markets saw an increase, and new listings rose for the first time in four months, a possible sign, says Zoocasa, that buyers and sellers are sick of sitting on the sidelines and ready to get back in the market.
Scotiabank economist Farah Omran said it will be interesting to see if the recent rise in sales triggers a return of buyers to the market, the same way the previous declines kept them away. “If those buyers interpret October’s results as the dip, then this could mark the beginning of the end of the housing market correction,” she said.Property values did continue to fall, but last month’s drop was the smallest since May, said RBC’s Hogue. The aggregate MLS Home Price Index was down 1.
Prices in Ontario and British Columbia, which saw the biggest increases during the pandemic boom, continue to see the biggest declines. The largest drops in the MLS home price index in Ontario were in Cambridge, down 22 per cent, London, 18 per cent, Brantford, 18 per cent, Kitchener-Waterloo, 17 per cent, Kawartha Lakes, 17 per cent, and Hamilton-Burlington, 17 per cent. In British Columbia, the biggest decliners were Chilliwack, down 18 per cent and Fraser Valley, down 12 per cent.
“This will keep activity quiet for a while longer even if it stabilizes near current levels. We think benchmark prices will keep trending lower until spring,” he said.
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