1.9 per cent in September from the month before while new listings jumped 6.3 per cent, according to data released by the
Smaller markets in Ontario took even bigger hits, with sales down 14.5 per cent in the Niagara region and 7 per cent in the Hamilton-Burlington area.Canada’s housing market has now given back almost 40 per cent of the sales gains it made from January when the“Despite pockets of strength, it’s clear that Canadian housing market sentiment has soured meaningfully since the spring,” he said.
Stephen Brown of Capital Economics said the fall in prices shows how quickly conditions have shifted and the plunge in the sales-to-new-listings ratio suggests more weakness ahead.A welcome email is on its way. If you don't see it, please check your junk folder.“Renewed house price declines are another reason to expect the Bank to cut its forecasts for economic growth and inflation in its October Monetary Policy Report later this month,” said Brown.
Vancouver leads the way as Canada’s priciest city for renters, with the average one-bedroom unit listed at $2,976 and a two-bedroom at $3,908. But rent growth in Toronto, another pricey city, “slowed substantially,” which the study said could signal a coming moderation in rent inflation as the economy cools and renters face more affordability constraints. Rental.ca said this was already visible in a sharp rise in shared-unit rentals.