Existing home sales

  • Prior -2.1%
  • Four negative prints in a row before this one

The health of the Canadian housing market is a big open question. Some details:

  • New listings -3.9% m/m
  • Activity -9.9% from last August
  • Home price index +11.2% y/y
  • Total activity is down 13.8% since March
  • Toronto sales volumes were up 14.3% m/m, but down 36% since March

Rate hikes can cause short-term jumps in activity as people rush to get approvals but that reverses in short order.