this post was submitted on 22 Nov 2024
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I wonder if that had anything to do with the Bank of Canada cutting interest rates in October. People waiting for a better mortgage rate perhaps?
If anything cutting rates would lead to increase in housing prices. New home price decline is in line with existing home price trends as well so this could be an indication of demand pressure softening.
So many factors.
Sellers may have sat on the sidelines when rates went up and sales went down. As inventory climbs, pressure grows and prices come down. Declining prices can scare sellers who come off the sidelines before prices come down further. Rates and prices coming down brings back buyers which drives up prices. Which forces dominate in any given month? For how long? No easy answers in advance.
I was thinking more along the lines of people waiting on buying homes until interest rates fall which is a decrease in demand.
Logical, though that's not an observed phenomena as far as I know. So many factors could be in play here too such as the mix of types of housing and floor sizes etc. Everything from tiny studios to 5 bedroom mansions are included in here.
True, we'll just have to wait and see if more data becomes available. My original comment was more conjecture than anything else. It's an interesting development though. Thank you for sharing.