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First Decline In Existing Home Price Index Since Apr’20

CANADA
  • Existing home sales showed some of the continued moderation that analysts expected as higher interest rates bite. Sales fell -12.6% M/M in April (consensus -23% but limited sample) which drove the lowest sales to new listing since Jun’20 and highest months of inventory since Jul’21.
  • The CREA’s home price index fell -0.6% M/M, the first monthly decline since Apr'20, but prices are still +24% Y/Y.
  • Earlier, both manufacturing and wholesale trade indicators were stronger than expected for March, adding upside to GDP trackers.
  • However, markets have put more weight on the US Empire manufacturing survey miss, with front end yields still lower than prior to the data but unchanged on the day. Same story with USDCAD, where risk-off implications of the Empire miss offsetting the stronger CAD data.

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