11:28 AM Jun 7, 2023
Hogue goes on to say that in order to quell demand, a “further large influx” of sellers is needed. In the meantime, prices are being pushed upwards across the board. Still, new listings did little to satisfy the pent-up demand, and as such, Toronto’s market remained tight. As well, with respect to prices, “pressure has built fast,” says Hogue. To illustrate, the Greater Toronto Area’s MLS HPI grew for a second consecutive month, this time by 3.2% — “a pace that rivals what was seen during the boom time earlier in the pandemic.”
Says Hogue, “Our view is that extremely poor affordability will significantly limit the speed at which they will rise in the period ahead.”Montreal’s market “turned a corner” in May, says Hogue. By RBC’s estimation, home sales jumped 22% from April on a seasonally adjusted basis, “representing the biggest jump in more than two years and an end to a sharp year-long slide.”