Canada’s housing market to see new listings fall in first quarter earlier than rebounding, TD report says
A brand new report says Canada’s housing market will see new listings fall within the first quarter earlier than rebounding later within the yr after which, slowing to a extra modest development tempo in 2024.
The report from Rishi Sondhi, an economist with TD Economics says subdued gross sales and declining costs will lead to listings falling within the first quarter of 2023.
Sondhi then sees listings growing by seven per cent between the second and fourth quarter earlier than slowing to a development tempo of about two per cent in 2024.
Whereas he predicts some near-term weak spot, he additionally sees rising demand holding markets balanced and underpinning optimistic development in house costs, significantly within the second half of this yr.
Nonetheless, he says there may be some threat that provide grows extra forcefully than anticipated as householders face file excessive debt servicing prices.
The Canadian Actual Property Affiliation foresees house gross sales rising by 10.2 per cent in 2024 as markets proceed to return to regular, whereas it expects the nationwide common house worth to achieve 3.5 per cent from 2023 to 2024 to round $685,056, under 2022 however again on par with 2021.