What’s Happening in Canadian Housing Markets as We Head into 2023?
Sales in November were down 3.3% on a month-over-month basis, rejoining the trend of moderating sales that began back in February.
The Aggregate Composite MLS® Home Price Index (HPI) edged down 1.4% on a month-over-month basis in November, which, as with sales activity, continues the trend that began in the spring. The national MLS® HPI now sits about 11.5% below its peak level but there are considerable regional differences.
While prices are down more in Ontario and parts of British Columbia, they have softened to some degree almost everywhere. Calgary, Regina and Saskatoon stand out as markets where home prices are barely off their peaks.