Posted 11/24/2023, 1:13:08 PM
Canadian Housing Slump Deepens as Sales Plunge, Inventory Rises Amid Rapid Rate Hikes
- Canadian housing market in recession, facing biggest test since 1991 as sales down 45% from peak
- Listings rebounding from 19-year lows, pointing to more distress sales amid rising rates
- Pace of slowing mortgage growth fastest on record
- Wells Fargo strategist sees persistent inflation keeping rates higher for longer
- Scotia analyst argues high EV inventory in China needs context of rapidly growing market