- Prices down 0.8% in May from April
- Prices up 19.8% y/y
- Home sales volumes fell 8.6% m/m
- Sales down 21.7% y/y from May 2021
Canadian home prices are clearly falling and I think this understates it. Inventory is beginning to hit the market in a big way in the past month or two; many of those sellers will need to lower the asking price, some dramatically.
In the past two weeks, Canadian 5-year benchmark yields are up 100 basis points. The entire mortgage market in the country is priced off of that.
