'It's more psychological': Royal LePage CEO on market activity amidst rate cut anticipation

After the Canadian Real Estate Association (CREA) released data on Monday showing that the country’s home sales for 2023 were the lowest since 2008, the president and CEO of Royal LePage says the tide is about to turn.

Phil Soper, president and CEO of Royal LePage, joined BNN Bloomberg on Monday to discuss market anticipation as Canadians gear up for expected interest rate cuts by the central bank. Despite 2023’s low market activity, Soper pointed to a nine per cent jump in home sales in December compared to November. 

He also pointed to changing market sentiment indicators, like showings which he said are “way up.” 

“We’re seeing more listings, more showings,” he said. “We had a stronger December than anticipated.”