The final month of 2023 quietly concluded with the Bank of Canada holding interest rates for a third time in a row. Let's dive into the statistics and see how the market performed over the last final days of last year.
With so much uncertainty in the market caused by a combination of government policy and higher interest rates, along with the regular seasonal slowdown typically seen in December absorptions, supply, and prices all experienced minor downward pressure in December 2023 compared to the previous month of November 2023. However, taking a long-term perspective or comparing December 2023 to December 2022 sales, absorptions, prices, and even supply are up in all sectors, except for townhomes, where supply has actually decreased year over year. This explains why townhomes also have the highest appreciation of 11% when comparing 2022 to 2023.
