The composite benchmark price and home sales both declined year over year in January while slipping slightly from December
Along with changing borrowing trends, Mercer believes that interest rate hikes are likely on hold for the foreseeable future, something that could stoke demand.
“The Bank of Canada has suggested that we’re going to see no further rate hikes as we move through 2023,” Mercer said in an interview. “I think it may prompt some homebuyers who are kind of on the sidelines waiting to see which direction things are gonna go to start moving back into the marketplace, particularly in the second half of this year.
“I think more importantly, when you think about the market over the medium to long term, it does signal that your rate hikes are going to be at least on pause or perhaps even done for this cycle,” Mercer said. “You’re actually starting to see your medium-term rates and five-year fixed mortgages start to trend lower and so I think from a homebuyer’s perspective, it gives them a little bit more certainty about where borrowing costs are going to be.
TRREB’s data shows that the largest year-over-year sales decline occurred in the condominium sector at 52.7 per cent from a year ago. At the same time, detached homes saw the largest average price decline — dropping 23 per cent since January 2022. None of the housing types recorded by TRREB saw gains in sales or average prices over the month of January 2023.
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