RBC Economics Monthly Housing Market Update

 Beginning of the end for Canada’s housing market downturn? Canada’s housing market may be entering the latter stages of its cyclical downturn. The pace of decline is now slowing—there was even a tiny monthly increase in home resales nationwide in October—marking a notable shift from the deep fall in activity that took place over the spring and summer. Property values are still clearly coming down at this stage but last month’s drop was the smallest since May. While we continue to think an inflection point is some ways off, it does suggest most of the price correction is likely…