Canadian housing market 'cracks' under weight of trade headwinds
Trade war trauma is taking its toll on Canada's housing market, a new report from RBC Economics has found. The study, released earlier in May, pointed to slowdowns in activity, reflecting a 'crack' in major markets' stability, particularly in Canada's most expensive municipalities in Southern Ontario and the Lower Mainland of British Columbia.
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In Vancouver, for example, April resales were down year over year by nearly 24 per cent, and in Fraser Valley, sales fell more than 29 per cent.
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Toronto saw its sales in April drop about 23 per cent. Activity in both Vancouver and Toronto in April were at their lowest levels since the spring of 2020, the report noted.
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Alberta did not escape the headwinds for demand either, the report found. Calgary resales fell 22 per cent year over year in April, and sales were down 13 per cent in Edmonton.
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Calgary resales remain about at the average level of the last decade, though well below the record-setting pandemic peak.
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Only Montreal, the only other city in the study, saw sales growth, increasing about 10 per cent year over year. Even there, RBC has predicted its market will eventually shift to favouring buyers.
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Prices are also being weighed down.
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In Toronto, the MLS (Multiple Listing Service) Housing Price Index (HPI) shows the price has fallen more than four per cent since December. RBC Economics added it forecasts prices to fall more if trade worries persist in Ontario.
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