Signals that suggest we may be entering a more stable phase of the residential real estate market are growing more evident.
The economists at TD Canada Trust, for example, say they are detecting a trough in housing sales.
We’ve seen the number of transactions declining as higher interest rates scare off buyers but that may be settling, especially in volatile markets such as Ontario or BC and not so much on the Prairies, which have been a paragon of stability.
Further, they note that nationally, prices have fallen 21 per cent which represents about half the 47 per cent increase we saw through the pandemic.
But they expect the big declines we saw going into the year will be eased in the second half of 2023 as lower inventories spark competition for properties, pushing up prices.
Here in Saskatchewan, the latest figures from provincial realtors are from March and they provide a narrower snapshot of the marketplace. But they saw tight inventory levels as the key factor in activity, something that is beginning to push up prices in some cities.
