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Special Report

Canada Housing Research Brief

May 2024

Home Buyers Remain Cautious as Spring
Market Continues on Subdued Path

Spring market not living up to expectations. Two months into the spring season, Canada’s housing market has not shown the signs of life that some were expecting. Both lingering interest rate uncertainty and housing affordability continue to challenge many potential buyers. National home sales fell 1.7 per cent monthly in April, which followed a flat reading in March. This has translated into minimal value appreciation as the median price of a single-family home has held essentially unchanged since the start of 2024 and was down 0.3 per cent year-over-year in April. In contrast, many sellers are eagerly hoping to capitalize on the expected uptick in purchasing activity as new listings rose 2.8 per cent monthly. This combination caused the sales-to-new listings ratio to ease to 53.4 per cent, indicating a balanced housing market. While annual price growth could materialize by the end of 2024, housing gains are likely to be modest as ongoing homeownership barriers curb buyer appetite.

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