Housing Market Update

Resale Markets Cool Slightly in July

Canadian resale markets pulled back fractionally in July, as buyers weighed the prospects of unrelentingly high mortgage rates. Stubbornly elevated inflation is prompting the Bank of Canada to signal continued high interest rates, and perhaps another 25-basis-point hike at its September meeting. National sales dipped 0.7 per cent on the month but were still up 10.1 per cent from last July.

September 1, 2023   •   8-min read

The Housing Market Update describes current monthly resale and construction information for two dozen Canadian urban centres. It presents the factors underpinning housing demand, including interest rates, demographics, and incomes. Importantly, the report scales housing activity by a market’s size, enabling “like-for-like” comparisons, and presents data in interactive and easy-to-read charts. Real estate brokers and agents, home builders, housing policy experts, and general economic observers will find this report helpful. 


Lead Economist

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