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Canada’s Housing Divide
Canada’s housing markets are moving in different directions, while affordability remains painfully out of reach.
Today, we’re covering
🏘️ Canada’s Housing Markets Split
🏢 Toronto’s Office Is Back
💰 Humbold Puts GTA Portfolio Up
💸 Buying Takes Two Incomes
🤔 WTF of The Week
Read Time: 4 minutes
🏘️ Canada’s Housing Markets Split
Source: RBC Economics
The 411: Canada’s housing recovery is moving in very different directions, with Vancouver still struggling, Toronto losing momentum and other markets holding up better.
Toronto resales fell 1.3% in August, ending the recovery streak that had been building since March.
Toronto’s benchmark price also fell from July after several months of gains.
New Toronto listings were down 14% from last year, compared with a 2.1% decline in sales.
Vancouver resales jumped 8.5% from July, but new listings surged 12%, pushing conditions back in favour of buyers.
RBC still considers Vancouver the weakest of Canada’s six largest housing markets and expects it to remain there through year-end.
Calgary resales dropped more than 9% from July, with condo prices sitting 8% below last year.
Montreal resales rose an estimated 4.5% from July, but affordability remains close to its worst level on record.
Why This Matters: Anyone waiting for “the Canadian housing market” to recover might be waiting for something that doesn’t really exist. Vancouver still needs lower prices, Toronto’s comeback is shaky, and Calgary is cooling after years of strength. Where you own is starting to matter a lot more than simply whether you own.
