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.
Torontonians might take some comfort in this. Since the March peak in this market, prices have now fallen 18 per cent or $237,000, wiping out almost half of the pandemic gains. Calgary is one of the few markets in Canada that has remained well above pre-pandemic levels. RBC estimates that sales here actually increased by almost 5 per cent month over month in October. Prices have come down, but the 4.2 per cent decline since the peak in May is a fraction of the correction seen in other markets.
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Posthaste: Could the worst be over for Canada's biggest housing market?Regional real estate reports show Canada\u0027s housing markets continue to deflate under the weight of rising interest rates. Find out more
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