RBC released their monthly housing market update entitled
"Home resale activity finds its footing in August; price pressures continue to ease".
Highlights of the report:
· Canada’s housing market isn’t becoming unhinged. Data for August, in fact, provided hints that the ongoing correction may soon be over.
· Home resales picked up for the first time in five months in August.
· Demand-supply conditions tightened slightly—though remained balanced.
· For now, price appreciation continues to moderate on a year-over-year basis.
· In Toronto, the sharp four-month slide in activity ended with resales rising by 14.3% from July. The slowing in the rate of price increases continued, however.
· In Vancouver, resales ticked higher following three months of declines, and prices accelerated slightly.
· RBC's view remains that Canada’s market is in the process of transitioning to a more moderate level of activity in an environment marked by tighter policy, rising interest rates and poor affordability in certain regions.
Link to the full report
To view, print and download the new report, click on the following link:
http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/housespecial-sep17.pdf
"Home resale activity finds its footing in August; price pressures continue to ease".
Highlights of the report:
· Canada’s housing market isn’t becoming unhinged. Data for August, in fact, provided hints that the ongoing correction may soon be over.
· Home resales picked up for the first time in five months in August.
· Demand-supply conditions tightened slightly—though remained balanced.
· For now, price appreciation continues to moderate on a year-over-year basis.
· In Toronto, the sharp four-month slide in activity ended with resales rising by 14.3% from July. The slowing in the rate of price increases continued, however.
· In Vancouver, resales ticked higher following three months of declines, and prices accelerated slightly.
· RBC's view remains that Canada’s market is in the process of transitioning to a more moderate level of activity in an environment marked by tighter policy, rising interest rates and poor affordability in certain regions.
Link to the full report
To view, print and download the new report, click on the following link:
http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/housespecial-sep17.pdf