- Yearly unit sales hit 10 year low
- Bank of Canada overnight rates starts year at 4.25%, ends at 5%
- Prices up and down (and up?) but all things considered remain surprisingly resilient
- House inventory finally back to normal levels
- 2023 ends in a Balanced Market
Unit Sales
- Total Unit Sales for the year were down 17% from 2022 (1516 vs 1826)
- Sales 23% below the 10 Year Average (1516 vs 1971)
- 2023 hits 10 year low for Unit Sales
While recording a 10 year low in unit sales may seem unsettling, it probably shouldn't be too surprising given:
- How hot the market was from mid 2020 to March 2022
- How much and how quickly interest rates rose - the central bank raised interest rates 10 times between March, 2022 and July, 2023, bringing its benchmark rate from 0.25% to 5.00% in one of the most aggressive monetary policy tightening campaigns on record.
To give 2023 sales totals a bit of perspective consider that during the 6-year period right before 2014 (2008 thru 2013) yearly sales totals were all lower than the 1516 sales recorded in 2023 (1315, 1462, 1324, 1187, 1308, 1401).
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