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Special Report

Canada Housing Research Brief

August 2023

Housing Market Continues to Recover, But
Early Indicators Suggest Softening Ahead

Price gains persist, despite rising interest rates. The median price of a single-family home in Canada increased 1.3 per cent monthly in July, with all major metros witnessing a price lift. While the national median price is still down 1.1 per cent year-over-year, it has been on the rise since the Bank of Canada’s conditional interest rate pause in March — sitting 8.2 per cent above the February trough. However, momentum is beginning to cool. With the BoC resuming its monetary tightening cycle in June, uncertainty has returned to the market, pushing some buyers back to the sidelines. National home sales edged down 0.7 per cent month-over-month in July — the first drop in six months — while the number of newly-listed properties rose 5.6 per cent. As a result, the sales-to-new listings ratio contracted to 59.2 per cent, indicating a more balanced market between buyers and sellers.

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