Canada home sales volumes
  • 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.

Macklem housing meme

"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."

Canada house prices

CAD is flat today.