No Pain, No Gain for the Canadian Economy

August was a breath of fresh air after what has been a rough ride for the Canadian housing market. Average home prices posted their first monthly advance since February, and the pace of decline in sales slowed sharply. Housing starts also remained elevated. This comes after home prices took a turn for the worse after peaking nationally in February. Sales have fallen even further, quickly returning local housing markets to balanced territory, many of which had been buyer’s markets throughout the pandemic or even before.