The housing market is cooling, with new home prices falling 0.4% M/M (down 0.6% Y/Y), well below analyst estimates of a 0.1% gain. Other than a similar drop in October, home prices haven’t posted a bigger monthly decline in over 10 years.

Clearly rates aren’t having a stimulative impact and with underlying inflation picking up, it’s possible that they won’t be a “pullable lever” at all in the near-term.

Regional pricing trends held steady for the most part, with continued struggles in BC and Ontario partly offset by strength in Quebec and the Atlantic provinces…

… but look at the Prairies! That’s the third straight monthly drop, as interprovincial migration tailwinds moderate…

… and the market continues to add supply.

Not a great environment shift for Boardwalk (BEI-U), as we highlighted in our Q1 residential REIT recap.