The Canadian housing market is showing mixed signals as recent data indicates a complex landscape. Aggregate home prices in Canada are projected to rise later this year, with an average price increase of almost $40,000 over two months. Despite this, March saw a modest 0.5% increase in home sales and a 1.7% rise on an annual basis according to the Canadian Real Estate Association (CREA), with sales rising last month. However, home prices dipped in March, with some areas experiencing significant decreases from their peak, notably a -14% from Peak in March 2022. For instance, Toronto condos reached a 28-month low, while Vancouver house prices fell by 3.9% from their 2022 peak. Calgary, on the other hand, saw prices hitting new highs, supported by an oil boom. The introduction of new 30-year mortgages is expected to benefit only a small portion of the market. Meanwhile, asking rent prices in March were up 8.8% from the previous year, albeit down from February. The US housing market is facing its own challenges, with mortgage demand in March falling to its lowest since 1995, 43% below pre-pandemic levels and marking the lowest demand for any March in 29 years, with the average payment on a new mortgage now nearly $2,800/month.
Where is the market for US housing going? https://t.co/UQvIE8dP6Q https://t.co/d5J4dEEsLT
BREAKING: US mortgage demand in March fell to its lowest since 1995, according to Reventure. Mortgage demand is now 43% below its recent peak and ~16% below the post-2008 lows. Meanwhile, the average payment on a new mortgage is now nearly $2,800/month. This means that the… https://t.co/4bkrfLTIHD
The US Mortgage collapse just got worse. Demand to buy homes with a mortgage plummeted to -43% below pre-pandemic levels in March 2024. Finishing with the lowest demand for any March since 1995 (29 years). In case you thought the US Housing Market was "recovering". https://t.co/hERKCxUNho
The Most Splendid Housing Bubbles in Canada: Home Prices Dip Further, -14% from Peak in March 2022, Now Below Sep 2021. Condos in Toronto hit 28-month low. But Vancouver house prices only -3.9% fr peak in 2022. Calgary prices hit new high; oil boom helps https://t.co/dcn3r3F9wT https://t.co/N1Y8Nxi4iX
Canadian housing market sluggish in March, CREA data shows https://t.co/0t3axhlPbD https://t.co/JZl6hp34Nw
Home prices expected to climb 4.9% in 2024 as sales rise last month: CREA https://t.co/0eKdCZgcyC https://t.co/LW3g8WVVhw
Average price of a home in #Canada jumps by almost $40,000 in two months 👀 https://t.co/4DR7329iMU
Asking rent prices in March up 8.8% from year ago, but down from February: Urbanation https://t.co/sMJ7BGR6yh
Home prices dip in #Canada as buyers await lower mortgage rates https://t.co/Fg91wY5jLa https://t.co/hxrM6NEfLS
March home sales, average price rise from year ago: CREA https://t.co/WmflPcGqMh
The housing market could soon get "interesting" as home prices and sales start to edge up, according to a pair of new reports released Friday. https://t.co/Y53RctPWiP .
Canada's new 30-year mortgages seen helping small 'sliver' of market https://t.co/6r6zgvdGSy https://t.co/kiplKXLF64
Canadian home sales were basically flat and prices dipped in March https://t.co/OmuqPK32PA
Canadian home sales rose 0.5% in March, were up 1.7% on annual basis: CREA https://t.co/9b59LdLdhn
Goodbye, buyer's market: Aggregate home price to rise even more across #Canada later this year 📈🏡 https://t.co/vZ5ghV2YpK