The Toronto skyline in Canada

Canada Housing March 2023

Canada: House prices see record annual decline in March

According to the Teranet-National Bank House Price Index, house prices decreased 6.9% annually in March, down from February’s 4.7% decrease and marking the sharpest drop on record. Meanwhile, housing starts fell 11% in March from February. Over Q1 as a whole, housing starts averaged notably lower than in Q4, boding poorly for residential investment in the first quarter.

More positively, the housing market showed some signs of bottoming out in sequential terms: House prices increased 0.5% month on month in March, breaking a streak of nine straight month-on-month contractions. Moreover, home sales rose in March from February.

On housing starts, TD Economics’ Rishi Sondhi said:

“March may have been impacted by early-month winter storms across parts of the country. That said, the scale of retrenchment has been steeper-than-anticipated in the first quarter, as multi-family and single-detached units both moved lower. The downtrend in building permits to roughly pre-pandemic levels points to this lower level of activity being maintained over the near-term.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest