{"id":11084,"date":"2023-05-15T05:29:00","date_gmt":"2023-05-15T12:29:00","guid":{"rendered":"https:\/\/www.stevesaretsky.com\/?p=11084"},"modified":"2023-05-15T05:29:28","modified_gmt":"2023-05-15T12:29:28","slug":"nowhere-to-hide","status":"publish","type":"post","link":"https:\/\/www.stevesaretsky.com\/2023\/05\/news\/nowhere-to-hide\/","title":{"rendered":"Nowhere to Hide"},"content":{"rendered":"\n
Happy Monday Morning!<\/p>\n\n\n\n
Anyone following this newsletter since about January knows that the housing market has surged back to life. Inventory has fallen off a cliff at the same time buyer sentiment has rebounded, coinciding with the BoC\u2019s Tiff Macklem taking his foot off the gas.<\/p>\n\n\n\n
In the GTA, home sales ripped 27% month-over-month in April on a seasonally adjusted basis. That\u2019s the largest bounce since the depths of the pandemic. On the West Coast, seasonally adjusted home sales in Vancouver have jumped 50% over the past three months, inching closer to their long term average despite inventory at two decade lows.<\/p>\n\n\n\n
The result has been meaningfully higher prices since bottoming in the fall. This is hard to rationalize given mortgage rates remain elevated and affordability remains illusive. We might be inching closer to a recession but buyers don\u2019t seem to care. According to National Bank, housing affordability hasn\u2019t been this bad since the 1980s.<\/p>\n\n\n\n