Home sales in January were the lowest for the month since 2009 and down 37.1 per cent compared with a year ago, the Canadian Real Estate Association said Wednesday.
posted their worst start to the year since 2009 as January sales fell 37.1 per cent compared with the start of 2022 and prices continued to fall, the Canadian Real Estate Association said Wednesday.
Porter is looking for further price softness nationally in the months ahead because in the seven past housing corrections in Canada, it took three years on average for prices to hit the bottom and he adds we are just one year from the peak of last February. Higher rates have weighed on the housing market with sellers not keen to list homes that will fetch far less than their neighbours' did months ago and buyers deterred from making purchases because their borrowing costs are now steep, even as home prices slide.
In taking stock of the declines, TD Economics' Rishi Sondhi said in a note to investors that"markets had a lot to contend with last month."
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