Happy Monday Morning! For the first time in a year Canadian home prices ticked higher. Monthly data published by CREA noted a very modest 0.2% month over month increase in national home prices. However, regular readers here know this has been ongoing for several months now. Prices in most major markets, across most product type, have been pushing higher since January. Yes, it’s certainly surprising given mortgage rates, while they have stabilized, remain elevated. The macro doesn’t look great, lots of chatter about a looming recession, stubbornly elevated inflation, and potential job losses ahead. There are a lot of risks out there yet home buyers seem willing to compete in bidding wars.
Foreign money, unsustainable immigration has the demand supply upside down with respect to economics.
I agree with your assessment