OPINION: After a difficult H2 2017, the Composite Index has stabilized in recent months (top chart). Moderate rises will likely continue to characterize the Composite index over the coming months, as conditions in the two major constituent home resale markets, Toronto and Vancouver, are now balanced (current active-listings–to-sales ratios close to their long-term average). Let’s recall that over the last two preceding years, conditions in both markets were very tight, triggering double-digit percentage increases in the Composite index on a y/y basis. We do not think that market conditions will deteriorate significantly from now on in both markets, as sales seem to have stabilized lately

201804 Report