Canadian housing data from CREA
Prior was -2.3%
That's four consecutive months of declines
2018 sales were weakest since 2012
Activity down 19% y/y in December
Listings up 0.2%
Home price index up 1.6% y/y
Prices down 0.3% m/m in 7th consecutive decline
Commentary from CREA:
"The Bank of Canada recently said that it expects housing activity will stay 'soft' as households 'adjust to the mortgage stress-test and increases in mortgage rates,' even as jobs and incomes continue growing. Indeed, the Bank's economic forecast shows it expects housing will undermine economic growth this year as the mortgage stress test has pushed home ownership affordability out of reach for some home buyers."