Canada’s housing market to see listings fall in first quarter, before rebounding: TD

TORONTO –

A brand new report says Canada’s housing market will see new listings fall within the first quarter earlier than rebounding later within the 12 months after which, slowing to a extra modest progress tempo in 2024.

The report from Rishi Sondhi, an economist with TD Economics says subdued gross sales and declining costs will end in 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 progress tempo of about two per cent in 2024.

While he predicts some near-term weak spot, he additionally sees rising demand holding markets balanced and underpinning optimistic progress in residence costs, significantly within the second half of this 12 months.

However, he says there’s some threat that offer grows extra forcefully than anticipated as owners face file excessive debt servicing prices.

The Canadian Real Estate Association foresees residence gross sales rising by 10.2 per cent in 2024 as markets proceed to return to regular, whereas it expects the nationwide common residence value to realize 3.5 per cent from 2023 to 2024 to round $685,056, beneath 2022 however again on par with 2021.

This report by The Canadian Press was first revealed Feb. 9, 2023