Open House - Oct 22 2023

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After six straight months of declining sales, Canada’s housing market finally showed signs of life in May. National home sales climbed 3.6 per cent month-over-month, the first gain since last November. But before anyone calls it a comeback, let’s be honest about what the data actually says. If this is our so-called “pent-up demand,” the market’s in no rush. In the first quarter, uncertainty around the Canadian election prevented buyers from making decisions. The industry assumed this activity would get pulled into May and June, once the election was behind us. This assumption was overestimated, albeit correct. Yes, activity picked up. But it didn’t take off. And while buyers re-entered the ring, they were met by a wave of sellers with more speed and confidence. Canadian Real Estate Association (CREA)’s latest report confirms what observers like me have already been signaling: new supply continues to outpace new demand, and the much-awaited rebound has landed more like a soft echo than a rally. What’s unfolding is a quiet rebalancing, and if you’re not reading between the lines, you’re missing the most important shift we’ve seen in over a year. Read More