{"id":22985,"date":"2023-11-28T10:10:00","date_gmt":"2023-11-28T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22985"},"modified":"2023-11-27T10:18:14","modified_gmt":"2023-11-27T18:18:14","slug":"canadian-resale-housing-market-is-losing-momentum","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/11\/canadian-resale-housing-market-is-losing-momentum\/","title":{"rendered":"Canadian Resale Housing Market is Losing Momentum"},"content":{"rendered":"<p style=\"text-align: justify;\">Interest rates took the steam out of Canadian home prices last month, with the latest Teranet-National Bank Composite House Price Index seeing its first dip in five months.<\/p>\n<p style=\"text-align: justify;\">The index \u2014 it tracks observed or registered home prices across 11 CMAs, so long as they have been sold at least twice \u2014 fell 0.4%, on a seasonally adjusted basis, between September and October. Before adjusting for seasonal effects, the index slipped by 1% in September (after seeing a 1.3% decrease the month prior), marking the second straight monthly decline.<\/p>\n<p style=\"text-align: justify;\">Teranet and National Bank attribute those drops to the broader context of the resale market, which they say is \u201closing momentum\u201d due not only to rising interest rates, but exacerbated affordability problems and a \u201cless buoyant\u201d job market.<\/p>\n<p style=\"text-align: justify;\">\u201cIndeed, market conditions have eased across the country, so that the number of months of inventory rose to 4.1 in October, a level similar to that prevailing before the pandemic, but still lower for the moment than the historical norm,\u201d says a press release accompanying October\u2019s reading.<\/p>\n<p style=\"text-align: justify;\">Although the composite index represents a \u201cweighted average\u201d of observed or registered home prices in Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montreal, Quebec City, and Halifax, Teranet and National Bank track prices in 31 Canadian cities in total. Of those, 58% saw home prices soften to some degree.<\/p>\n<p style=\"text-align: justify;\">More specifically, home prices slipped month over month in Toronto (-1.6%), Edmonton (-1.2%), Vancouver (-1.1%), Ottawa-Gatineau (-1.1%), Saint John (-5.3%), Trois-Rivi\u00e8res (-3.3%), and London (-2.5%).<\/p>\n<p style=\"text-align: justify;\">On the flip side, monthly increases were observed in Montreal (+3.7%), Halifax (+1.1%), Winnipeg (+1.0%), Moncton (+4.6%), Kingston (+3.8%), and Peterborough (+2.6%).<\/p>\n<p style=\"text-align: justify;\">\u201cIn the months ahead, prices are likely to continue to decline, while interest rates remain high and the economic context will be less favourable, representing headwinds for the sector despite the support of historical demographic growth,\u201d says the release.<\/p>\n<p style=\"text-align: justify;\">Year over year, the index edged up 2.8% last month. This was due to gains recorded in Halifax (+12.5%), Victoria (+6.5%), and Quebec City (+6.3%). As well, Moncton and Sherbrooke saw annual price gains of 13% and 9.4%, respectively.<\/p>\n<p style=\"text-align: justify;\">Conversely, home prices lagged on a year-over-year basis in Edmonton (-3.6%), Ottawa-Gatineau (-0.5%), London (-2.1%), and Barrie (-0.9%).<\/p>\n<p><a href=\"https:\/\/storeys.com\/canadian-house-prices-lag-october-2023\/\" target=\"_blank\" rel=\"noopener\">Almost 60% of Canadian Markets Saw House Prices Lag in October<\/a> by Zakiya Kassam | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interest rates took the steam out of Canadian home prices last month, with the latest Teranet-National Bank Composite House Price Index seeing its first dip in five months. The index &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/11\/canadian-resale-housing-market-is-losing-momentum\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-22985","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Resale Housing Market is Losing Momentum &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/11\/canadian-resale-housing-market-is-losing-momentum\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Resale Housing Market is Losing Momentum &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Interest rates took the steam out of Canadian home prices last month, with the latest Teranet-National Bank Composite House Price Index seeing its first dip in five months. 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