- Non-seasonally adjusted sales -29.3% from July 2021
- Canada home sales -5.3% m/m in July from June - CREA
- Home price index down 1.7% m/m
- Prices up 10.9% y/y
I've been a loud bear on Canadian housing for awhile and it's getting worse. People are cutting home prices and they're still not moving at prices much lower than they were in February. I've been encouraged that there are not (yet?) any signs fo second-order effects but it's still early.
Optimistically, this ends with a 20% correction but it depends on how high the BOC wants to take rates.
