The long-expected correction in Canada’s housing market is underway, but what is surprising observers is how quickly it’s happening.
Data from the Canadian Real Estate Association yesterday showed that seasonally adjusted existing home sales fell 8.6% in May from the month before, down 21.7% from a year ago.
For the first time since the pandemic rally began home resales on a national level dropped below levels recorded in February 2020, said RBC assistant chief economist Robert Hogue.
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