RBC: Canada’s housing market ends year with a bang – Calgary Herald

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The nation’s resale housing market showed resiliency at the end of 2023 with higher activity, particularly in its largest metropolitan centres, a new report has found.

Buy/sell, rent/lease residential &
commercials real estate properties.

RBC Economic released its December market update this month showing sales nationally increased nearly nine per cent from November.

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Sales also grew more nearly four per cent in December compared with the same time period a year earlier, led by Calgary, Edmonton and Toronto.

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The RBC report cited that sales grew nearly 11 per cent in Toronto and Calgary, year over year, while Edmonton saw sales increase in December nearly 25 per cent from the previous year.

Yet sales growth in Toronto grew more than 21 per cent in December from November. Ottawa saw the next highest month-over-month growth at nearly 19 per cent, followed by Edmonton at six per cent and Vancouver at more than five per cent.

Calgary’s sales growth increased about two per cent from November to December.

The report further pointed out that the MLS (Multiple Listing Service) Price Index was up less than one per cent year over year, and down less than one per cent month over month.

Calgary led major cities in price growth with its price up nearly 11 per cent year over year.

The Canadian market overall showed more balanced conditions at the end of 2023 with a sales-to-new-listings ratio of 58 per cent, below the 60 per cent threshold that indicates a market favouring sellers.

The only city with a ratio clearly favouring sellers was Calgary, the report found, with a ratio of 73 per cent.

RBC forecasts the market is unlikely to see a dramatic increase in activity this year even if borrowing costs fall as affordability will continue to remain an issue for many buyers due to still elevated prices in its largest cities.

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