Canada’s existing housing markets continued to plateau at high levels in November. Residential demand persists in the era of COVID-19, although future sales gains will likely be limited as pent-up demand eases and economic prospects remain murky.

Buyers continue to benefit from ultra-low interest rates as they seek more living space during COVID-19 restrictions and work-from-home practices. Risks remain, including the staggered end of mortgage forbearance by chartered banks, high consumer debt, and a softening apartment market in some cities.