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Just noticed Canada's housing market keeps sliding - that's 16 months straight of price drops now. March benchmark hit 659,100 CAD, down another 0.4% from the month before. Honestly, it's the lowest we've seen since early 2021, so this interest rates situation is really weighing on things.
The mortgage rates have been climbing thanks to global uncertainty and inflation pressures, which is basically freezing potential buyers in place. Everyone's waiting to see if rates come down before jumping in, especially with spring typically being the busiest season for real estate. New listings are also drying up - only down 0.2% but combined with soft buyer activity, it's creating this weird stalemate.
Canada's housing market is definitely in a holding pattern until we get some clarity on where interest rates are headed. The data shows existing home sales barely budged in March too. If rates stay elevated, could be a rough year for the market.