Posthaste: Why Canada’s surprise housing heat wave might just be a market head fake
Will the sizzling sales and price gains last? Not so fast, says RBC
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Housing markets are tight across Canada, but nowhere more than in Ontario, writes BMO senior economist Sal Guatieri.
“At the current strong pace of sales, active listings would be absorbed in just 23 days … a record low. Apart from New Brunswick, no province is seeing a faster rise in average prices over the past year (22.9%).”
Data released by the Canadian Real Estate Association Monday showed Canada’s housing market heating up again with sales surging 8.6% in October from the month before. That’s the biggest gain since July 2020 when the pandemic boom was just getting started.
Nationally, new listings climbed 3.2% in October, but strong demand meant Canada still had only 1.9 months of inventory available.