Canadian Homes for Sale See Second-Biggest Jump on Record



Canada's housing market experiences surge in listed inventory as homebuyer demand decreases due to high interest rates.

In a notable development, Canada's housing market has experienced a significant surge in the number of properties available for sale, marking one of the largest monthly increases in listed inventory on record. This uptick in inventory comes as homebuyer demand has weakened in the face of persistently high interest rates.


Canadian Homes for Sale See Second-Biggest Jump on Record

According to data released by the Canadian Real Estate Association on Wednesday, the total number of properties on the market saw a notable 6.5% rise in April compared to March, representing the second-fastest monthly gain ever recorded. This increase has propelled the total stock of homes for sale to its highest level since before the onset of the pandemic.

The market dynamics have shifted, with home sales declining by 1.7% in April compared to the previous month, while the number of newly listed properties for sale increased by 2.8%, as per the real estate board data. Prices have largely remained stable, with the benchmark cost for a home holding steady at $719,400 (US$528,100) from the previous month.

Typically, the arrival of warmer weather signals the onset of the busiest season for housing markets across Canada. However, with borrowing costs hovering near their highest levels in two decades and prices showing only a slight decrease from last year's spring market, many prospective buyers are opting to remain on the sidelines. Moreover, uncertainty looms as buyers and sellers grapple with the possibility that any rate cuts by the Bank of Canada may be delayed beyond initial expectations.

This market shift aligns with a revision in expectations regarding interest-rate cuts. Initially, traders anticipated the Bank of Canada to reduce its policy rate to approximately 3.75% by the end of 2024. Presently, the prevailing sentiment is that the rate will only drop to around 4.5%.

The evolving landscape of Canada's housing market reflects a delicate balance between supply and demand dynamics, influenced by factors such as interest rates and market expectations.

Canadian Homes for Sale See Second-Biggest Jump on Record

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