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Special Report

Canada Housing Research Brief

March 2024

Canada’s Housing Market Could be Nearing the
Corner Amid Stabilizing Financial Conditions

Housing prices show first sign of stabilization. The median price of a single-family home was flat on a month-over-month basis in February, ending a streak of five consecutive drops. The number of home sales rose 19.7 per cent year over year, facilitating a 1.6 per cent annual price gain — the largest increase since September 2022. While February 2023 had one of the lowest sales totals for that month in the past two decades, this uptick does indicate that buyer appetite is returning amid stabilizing borrowing costs. February home sales were only 5.0 per cent below the nation’s long-term average and the sales-to-new-listings ratio sat at 55.6 per cent, indicating a balanced housing market. With the spring market just around the corner, a shift to upward pressure on prices may materialize over the coming months. This price growth, however, is likely to be muted, as borrowing costs will hold in restrictive territory and affordability remains stretched.

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