- Prices down 7.5% y/y
- Volume of sales +1.3% m/m vs -3.3% expected
- Activity down 39.1% y/y
The Canadian housing market is in a tough spot and with the BOC set to hike again this month, it will get worse before it gets better.
“In 2022, we saw one of the biggest single-year shifts on record in Canadian housing activity, from record highs last winter to just below the 10-year average to end the year,” said Jill Oudil, Chair of CREA. “That said, the market’s adjustment to higher rates may be mostly in the rear-view mirror at this point. That could start to bring buyers back off the sidelines this spring.”
CAD is flat today.