Skip to main content

Scroll Down

Special Report

Canada Housing Research Brief

January 2024

Canada’s Housing Market Shows Signs of
Strength to Close Out the Year

Home sales performed better than expected to end the year. As mortgage rates have largely stabilized, Canada’s housing market showed some strength in December. National home sales jumped 8.7 per cent monthly, while inventory levels fell from 4.2 months in November to 3.8 months in December. The number of newly-listed properties also dropped 5.1 per cent when compared to November, continuing to suggest that forced sales have not yet occurred. As a result, the sales-to-new listings ratio tightened to 57.8 per cent, just slightly below what is considered a sellers market. While the median price of a single-family home did contract 1.0 per cent monthly in December, the monthly pace of decline began to moderate. On an annual basis, home prices remained up 1.2 per cent. Price drops of late have been predominantly located in Ontario markets, particularly the Greater Golden Horseshoe, and to a lesser extent British Columbia. Elsewhere in Canada, prices are mostly holding firm, with Alberta continuing to see gains amid historic population growth. 

Related Research

Back to top