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Special Report

Canada Housing Research Brief

February 2024

Canada’s Housing Market Correction is Nearing its
End as Sales Activity is Warming Up

Housing market gaining some momentum. Canada’s housing market has experienced a significant correction over the past two years as the Central Bank undertook one of the most rapid tightening cycles in the nation’s history. When compared to the February 2022 peak, the median price of a single-family home has dropped roughly 16 per cent as of January of this year. However, with bond yields largely trending down since November 2023, fixed-rate mortgages have also shown modest drops. As a result, home sales over the last two months have begun to show signs of recovery. In January, national sales were up 3.7 per cent monthly, which followed the 8.7 per cent monthly surge in December. Despite this, the median price of a single-family home continued to trend down, falling 1.2 per cent month over month in January. Home prices, however, could stabilize in the coming months, with potential gains beginning to materialize over the second half of the year.

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