Actual activity was down 19 per cent year-over-year in December, while the national average sale price dropped 4.9 per cent.Īnalysts chalk up these lacklustre numbers to stricter mortgage qualification rules, which came into effect in January 2018, and steadily rising interest rates. And it looks like 2019 may bring more of the same.Īfter what appeared to be a stabilizing period over the summer of 2018, national home sales have been falling since September. It was a year characterized by decelerating sales and pricing. The Canadian housing market had a challenging year in 2018 as it struggled to regain its footing after the bubble-like conditions of 2017.
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