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Nov Housing Wrap: Affordability Key Concern Despite Buyers' Market

CANADA
  • Canadian housing market overall soft as high interest rates work through the economy. Sales-to-new listings ratio are at a 10 year low, moving into buyers' territory.
  • Existing home sales -5.6% in Nov, fourth consecutive decline; -13.5% YOY. According to CIBC, sales 12% below their pre-pandemic decade-average level.
  • Teranet Housing Index -0.98% MOM in Oct, the second decrease after 6 prior increases; +2.8% YOY.
  • National Bank reported it would only take a home price increase of +2% in the Q4 to surpass the worst level of affordability in a generation.
  • Housing starts +1% to 275K units, CMHC Chief Economist Bob Dugan noted "we will need to find innovative ways to deliver more housing and close the supply gap in this challenging economic environment."
  • Government Fall Economic Statement focused heavily on housing affordability, dedicating CAD6.3B to policy initiatives, 30% of new spending.
  • Around 3.4M Canadians, 31% of mortgage holders, will renew their mortgage in the next 18 months says Royal LePage in a 2023 Mortgage Renewal Survey.
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