Canada’s Housing Recovery Remains Uneven Across Major Markets
Regional housing trends continued to diverge in August. Toronto’s tentative recovery faltered as resales fell 1.3% from July and benchmark prices declined, while Ottawa improved and prices moved above year-earlier levels. Montreal recorded increases in resales and new listings, but transactions remained below the previous year as poor affordability continued to restrain demand.
Vancouver resales rebounded 8.5%, but a 12% increase in new listings returned the market to buyer-friendly territory while prices continued falling. Calgary resales dropped more than 9%, with condos facing greater price pressure than detached homes, although the market remained balanced. The uneven recovery is expected to persist through year-end as affordability gaps, trade uncertainty and structural market dynamics evolve at different speeds.
Read on: RBC Economics
