- Sales volumes fell 3.9% m/m in September from August
- Unadjusted volumes down 6.6% y/y
- Prices up 3.5% y/y
- New listings -0.8% m/m
“September was another month of lower sales activity, although, with many sellers also opting to play the waiting game, the market remains on the tighter side of balanced market territory,” said Jill Oudil, Chair of CREA. “It makes for an interesting dynamic, one that doesn’t really have many historical precedents. The market has changed so much in the last year, and the adjustment to higher borrowing costs is still underway."
It's not a pretty picture in Canada with the Bank of Canada set to hike rates again. I think we hit he breaking point if mortgage rates rise another 100 bps.
