Housing affordability is the number-one issue causing the significant decline in housing activity, adding to PM Justin Trudeau’s political problems. With the growing impact of unaffordable housing and the slowing labour market, activity in the real estate market should remain subdued for the rest of this year.

Home sales dropped 5.6% month-over-month (m/m) in October–the fourth consecutive monthly decline and the sharpest slowdown since June 2022. Sales fell in 9 of the ten provinces, notably in P.E.I. (-15.3%), Alberta (-8.3%), B.C. (-6.9%), Ontario (-5.5%), and Quebec (-5.1%), while rising 2.2% in New Brunswick.

Check out the full report below:

“Canadian Home Sales Slump Accelerates in October” from @DLCCanadaInc Chief Economist @DrSherryCooper https://dominionlending.ca/economic-insights/canadian-home-sales-slump-accelerates-in-october