Sales in most markets are now well below pre-pandemic levels and prices continue to slide. Still RBC economist Robert Hogue noticed “interesting nuances” in some of last week’s reports.
Sales on a seasonally-adjusted basis were just about flat between September and October. And while rising rates have cooled demand there is no sign they are heating up supply, he said.Article contentThe decline in prices is also slowing. Hogue said the composite MLS Home Price Index fell for the seventh straight time in October from the month before. But the 1.1 per cent drop is less than a third of the 3.4 per cent average fall between April and August.
Meanwhile in Montreal, “the downturn isn’t letting up,” said Hogue. More buyers are staying out of the market, inventories are rising and prices keep heading south. RBC estimates sales dropped 2.6 per cent in October from the month before, but that too is less than the average of 7 per cent in the previous three months.Article content
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