September 15, 2023 13:16 GMT
August Home Sales Continue Decline After BOC Resumed Rate Hikes
- Canadian Real Estate Association says Friday that August sales -4.1% MOM after -0.7% in July.
- "August was the first full month of housing data following the Bank of Canada's July rate hike, so a dip in activity was expected."
- New listings +0.8% MOM, closer to average levels.
- Average resale price +2.1% YOY.
- Price index +0.4% YOY, the first increase since September 2022. Trend will continue as home prices declined in H1 2022.
- Affordability has become a political flashpoint, with PM Trudeau on Thursday announcing tax break on new rental construction as he lags rivals in recent polls.