Updated: Jan 11
Finance critic Pierre Poilievre attacked the Liberals over skyrocketing home price inflation today. "Tomorrow, the Finance committee will consider hearings on the housing bubble and other inflation," he posted on Facebook.
The tightness of housing supply is continuing to elevate prices and strain home affordability. The number of newly listed homes rose by 3.3 per cent in November compared to the previous month, with the GTA, Lower Mainland B.C., Montreal, and many markets in Ontario’s Greater Golden Horseshoe witnessing more listings, reports the Financial Post.
“With new listings up by more than sales in November, the sales-to-new listings ratio eased a bit to 77 per cent compared to 79.1 per cent in October,” CREA noted. “The long-term average for the national sales-to-new listings ratio is 54.9 per cent.”
The seasonally adjusted figure CREA provided saw the November home price come in at $719,101.
On the same day the CREA data was released, the Canada Mortgage and Housing Corporation reported that the standalone seasonally adjusted annual rate for housing starts came in at 301,279 in November for all areas in Canada, a 26 per cent increase from October.
Despite housing starts beginning to trend higher, CREA is anticipating further growth in 2022 as demand strongly outweighs supply.
“Housing cycles can be very long, so market trends do not care that we’ve put new 2022 calendars up on our refrigerator doors,” said Shaun Cathcart, CREA’s senior economist, in a release.