It's official: a cyclical bottom has been reached, with activity ramping up and prices edging higher in markets across the country. RBC | realestate realestatenews housingmarket Canada
as to when Canada’s housing market correction would run its course, it appears a cyclical bottom has been reached.
With activity ramping up and prices edging higher in markets across the country, April “pretty much sealed the deal,” Robert Hogue, Assistant Chief Economist at RBC, proclaimed in a newToronto helped lead the upswing, with resales rising 27% month over month on a seasonally-adjusted basis. New listings rose just 6.5% from March, tightening demand-supply conditions for a fifth straight month and pushing the GTA’s MLS HPI up 2.4% on a monthly basis.
As inventory remains low, the trajectory of the Toronto market relies heavily on sellers’ return, Hogue said. It is expected, though, that the recent rise in property values will spur more listings, which in turn should keep price growth “relatively contained.”Vancouver saw a “solid” increase in activity, with resales rising an estimated 30% month over month . As with Toronto, demand outpaced supply — new listings rose 9% on a monthly basis, propelling the city’s MLS HPI up 2.
Meanwhile, shifting market conditions offer a more hospitable environment for sellers, which will hopefully lead to more supply. While rising prices and an increase in inventory would sustain, or even extend, April’s gains, Hogue said the lack of affordability will continue to be a “huge issue,” especially for first-time buyers, and will “significantly limit” any recovery for the time being.Zoe Demarco is a Staff Writer at STOREYS and was formerly the Urbanized Editor at Daily Hive. Born and raised in Toronto, she has a passion for the city's ever-changing urban landscape.
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