Canada’s Stable Housing Market Poised for Steady Growth

Canada's housing market saw a 6.9% year-over-year decline in existing home sales in August, ending a summer streak of gains. Prices remain flat with low sales volumes, indicating market stagnation. Higher bond yields keep fixed mortgage rates elevated, with limited rate relief expected. Major markets like Ottawa and Montreal experienced significant sales drops, while Vancouver saw a slight monthly sales increase but remains weak overall. New listings rose slightly, and housing starts show a decline in ownership units but an increase in rental construction.