Extremely hot weather, massive forest fires and back-to-back interest rate hikes have all been factors in a summer slowdown for the housing market
economists Robert Hogue and Rachel Battaglia say extremely hot weather and massive forest fires may have held back activity in some regions as well.These changing conditions have brought supply and demand back into balance after tightening surprisingly quickly in the spring, they add.
Halifax led the way with a 4.9-per-cent jump, followed by Hamilton with 4.4 per cent, Vancouver with 3.9 per cent andCompared with July, 2022, the composite index slipped by 1.9 per cent, with Toronto down 2.1 per cent. On a seasonally adjusted basis, the Peterborough, Ont. index decreased 16.3 per cent from its peak in May, 2022. Windsor, Ont. fell 15.1 per cent in the same period. Abbotsford-Mission, B.C. slid 14.2 per cent from the index peak in April, 2022.
As for sales in July, the national picture shows a small dip of 0.7 per cent on a seasonally adjusted basis. On the supply side, Mr. King says, new listings rose 5.6 per cent nationally in July to mark a fourth consecutive monthly increase. The resurgence in some part fueled the central bank’s decision to resume tightening in June and adopt a more hawkish tone on the outlook for future hikes, she says, because the action undermined the efforts of policy makers to slow down economic activity and bring inflation back to the Bank’s 2 per cent target.
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