Canada's housing market to see listings fall in first quarter, before rebounding: TD

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The report from Rishi Sondhi, an economist with TD Economics says subdued sales and declining prices will result in listings falling in the first quarter of 2023.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.

While he predicts some near-term weakness, he also sees rising demand keeping markets balanced and underpinning positive growth in home prices, particularly in the second half of this year. However, he says there is some risk that supply grows more forcefully than anticipated as homeowners face record high debt servicing costs.

The Canadian Real Estate Association foresees home sales rising by 10.2% in 2024 as markets continue to return to normal, while it expects the national average home price to gain 3.5% from 2023 to 2024 to around $685,056, below 2022 but back on par with 2021.

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