top of page
  • Frank Tian

Housing Market Update - April

Updated: Sep 25, 2022

🏠 Market Update

Canadian housing is such a hot topic now,

Even Simu Liu had to take a jab at it in his Juno Award speech.


🇨🇦


After a 75 bps rate increase and another 50 bps expected on 6/1,

The red-hot Canadian housing market finally begins to cool.


April home sales volume Y/Y down 25.7%.

Even as Housing Price Index (HPI) is up 23.8% Y/Y,

April average prices dropped 6% M/M or -8.6% from Feb.


Some properties in Toronto devalued as much as $200K in 2 months.

Buyers began to back out from contracts - 2017 all over again.


From Federal to Provincial, governments are busy updating housing policies.

Even BoC states that housing will be a key consideration for monetary policy.


🇺🇸


US April existing home sales fell for a third straight month.

Volume M/M down 2.4%; Y/Y down 5.9%.


Even though the median price Y/Y is up 15% at $391,200

Northeast saw average price falling from last summer’s peak.


Higher rates and higher prices already drove mortgage origination down.

Q1 ‘22 has a total of $859 billion origination - down 25% from Q1 ‘21.


If you haven’t watched Simu Liu’s Juno opening monologue,

I highly recommend it - whether you are a Canadian or not.


Clip source: CBC Music on Youtube

Data sources: CREA, NRA, The Fed.





Recent Posts

See All

Effects of Fed's 10 Rate Hikes

The Fed has handed out 10 rate hikes, with a possible 11th next month. What are the effects of the fastest rate hikes, so far? [US Macro parameter: Mar 2022 vs. May 2023/latest] 📍Inflation: 8.5% vs.

Comments


bottom of page