Navigating the Shift: Unpacking the Dynamics in Canada's Housing Market

​Weakness in Canada's housing markets is spreading beyond Vancouver and Toronto, with national home sales down 5.8% and new listings down 2.3% in October, according to the Canadian Real Estate Association. High interest rates and affordability concerns are driving the weakness, and the decline in sales is outpacing the pullback in new listings. Home prices were generally flat in October, with the MLS Home Price Index down 0.8% month-over-month but up 1.1% from last year. Economists expect tough market conditions to continue into 2024, with prices potentially falling further.

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