There is now convincing evidence that Canada’s housing market has come off the boil, Bank of Nova Scotia economists say.
Home resales have fallen for four consecutive months, and the inflation-adjusted average resale home price registered its first quarterly decline in seven years during the first three months of this year, Scotia Economics noted in a report last week.
“Cracks are appearing on the new home front as well,” the bank said, as demand for new residential building permits has fallen sharply and price increases are moderating as inventories of unsold homes trend higher.
